Division Of Business Assets In Divorce
The division of business assets as part of a divorce proceeding is extremely complex and requires the oversight of a skilled North Shore family law attorney. The lawyers at Boyle Feinberg Sharma (BFS) possess the legal capability, the business acumen and the experience to ensure an accurate valuation and fair apportionment between the spouses.
Whether the business owner is a sole proprietor, owns the business with other shareholders or the two spouses own the business together, it is likely that the business owner will want the business to continue after the divorce. In instances where both spouses are not owners, it will be necessary to establish an accurate value of the owner’s share and how much of that share should be considered marital property to be divided between the spouses. If the spouses own a business together, there may need to be a buyout of one spouse’s interest that would be settled as part of the property agreement or paid over time.
Important Considerations In Illinois Business Division
At Boyle Feinberg Sharma (BFS), we represent Chicago-area business owners, shareholders and their spouses in a vast array of legal issues involving the division of business assets. We have a comprehensive knowledge of the issues that can arise in the valuation and division of business assets in a divorce, and we are highly adept at navigating these matters to obtain a positive result for our clients in Illinois.
Our family lawyers work closely with business valuation experts, accountants and others who can help us determine what portion of the business should be considered marital property and an accurate value for it. We also have experience resolving complex matters involving existing buy-sell agreements, shareholder agreements and other instruments that may hinder the owner’s ability to transfer or liquidate his or her portion of the business.
Contact BFS’s family lawyers to schedule an initial consultation about your concerns regarding business asset division. You can reach BFS family law firm, located in Chicago and Arlington Heights, by phone at 312-376-8860 or 847-394-3940, or via email.