An Illinois divorce can become increasingly complex if a business is involved, which is why it is always best to have an experienced attorney in your corner.
However, not just any attorney will do, especially since most divorce lawyers are not business attorneys. In fact, many divorce lawyers end up having to hire business-valuation experts when a closely held or family business is involved in a divorce ― making the process more costly for you.
At the law firm of Herman J. Marino Ltd., P.C., you will never experience this problem since attorney Herman J. Marino is not only licensed to practice law but also passed the Illinois CPA examination in 1980 (but is not licensed or registered in any any state.) Given his qualifications and nearly 40 years of legal experience, he has the ability to conduct the business-valuation process himself, which is an essential task during divorce. He can also help you find assets you believe your spouse may be hiding.
If you or your spouse owns a business and is going through divorce, the legal professionals at Herman J. Marino Ltd., P.C., can help explain your options. Since Mr. Marino passed the Illinois CPA examination in 1980 (but is not licensed or registered in any state,) we do not have to hire outside assistance, which lowers your costs. Contact us today to schedule a consultation at our downtown Chicago office. You can call us at 312-347-9990.
Understanding The Division Of Business Assets In Illinois
If a business is considered marital property ― meaning it was acquired during marriage ― it will likely be subject to division upon divorce. If you and your soon-to-be ex-spouse cannot co-own and run the business together, you typically have two options: sell the business to a third party and split the proceeds or have one spouse buy out the other, which can be done by sacrificing other marital assets to offset the difference.
It is also important to mention that even if one spouse owned the business prior to marriage ― making it separate property ― the court may consider an increase in value due to capital improvements during the marriage as marital property.
In any case, you will need to first determine the value of the business in order to assess how much each spouse owns. While this valuation process may sound simple, it is actually quite complex, which is why you need a lawyer with experience in several areas, including accounting, business valuation and business-related litigation. Quite simply, you need attorney Herman J. Marino.