Does the fate of a family business loom large in your Illinois divorce?

by | Jul 12, 2019 | property division

Asset division is often a major issue for divorcing Illinois spouses, and understandably so.

After all, it is commonly the case that impending exes worked long and hard to accumulate marital assets. Over time, that property has become valuable and diverse. Marital holdings often comprise assets that range broadly from retirement accounts and other savings vehicles to real property, wide-ranging personal items and additional wealth sources.

We duly note on our website at the established  Illinois Law Office of Jamie Mitchell (with locations in Maryville, , and O’Fallon serving family law clients across the state) that marital asset-linked complexities can logically foster “significant financial challenges” for soon-to-be former partners.

Moreover, a fair asset distribution outcome can be closely affected by “the contributions of each party to the acquisition and increase in value of marital property.”

This point is especially important where a family business is involved. A recent Forbes article explained that how a given couple opts to handle their company’s future during the divorce process is “a very personal, very weighty decision.”

Many divorcing spouses reasonably turn to an experienced family law attorney with a deep well of experience in property division matters for assistance in crafting a viable post-divorce business strategy.

The outcome will obviously differ from case to case. Some couples ultimately manage to keep their businesses operative, while working together as they have similarly done in the past. Of course, this is not always possible or practical, which leads to buyouts, the carving out of new roles, and other scenarios as well.

Although reaching an agreement and crafting a feasible plan for a family business can pose challenges for a divorcing couple, the process can – indeed, often does – lead to a happy and profitable outcome.

Questions or concerns regarding the equitable division of marital assets in a divorce can be directed to a proven property division attorney.