Divorce for Business Owners
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Barrington Business Owner Divorce Lawyers

Experienced Representation For Business Owners

Business owners and their spouses have special issues to consider when confronted with divorce. Not only is it important that the business is properly valued, it is also crucial to ensure that the divorce doesn't affect the goodwill and profitability of the business.

The Barrington business owner divorce attorneys of Lucas Law understand the unique characteristics of a divorce for business owners. We have more than 25 years of experience guiding clients in Illinois through the complex process of valuing and dividing businesses. To discuss your case with one our lawyers, contact us online.

Divorce And Business

After a divorce, parties rarely wish to continue owning a business together. Generally, one party keeps the business while the other receives other assets to make up for the interest in the business. However, parties may also decide to sell the business or continue owning a percentage of the business. Properly valuing the business is crucial to ensuring that the property settlement is fair for both parties.

We work closely with financial experts, including business valuators and forensic accounts to accurately determine the value of your business. We will consider all aspects of your business, including tangible assets and intangible assets such as goodwill, when valuing it. We understand how to interpret and enforce stock agreements, partnership agreements and membership agreements. This depth of experience helps us obtain and negotiate settlements that protect your interests.

Additionally, it is important to determine whether the business is marital, separate property or a mixture of both. In Illinois, a business that was started during the marriage is considered marital property. However, if marital assets were used to fund the business or business assets were commingled with marital assets, the characterization of the business may have changed.

There are also important tax implications to keep in mind when dividing a business. We will take tax liabilities and benefits into account when negotiating the division of your business.

Contact The Palatine Divorce Asset Protection Attorneys Of Lucas Law

If you have concerns about how divorce will impact your business, contact us online or call 847-381-8700.

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