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Property division and the business owner

On Behalf of | Nov 28, 2017 | Property Division |

Each Illinois resident has dreams for the future. Some dream of a loving family with a spouse and children; others dream of starting their own business or growing one that has been in the family for generations. Still others dream of both. These dreams often do become reality; however, they can also become a nightmare in case of divorce and the need for a property division settlement.

Prior to the marriage, it is possible that one or both spouses have built a business enterprise. They have poured hours of hard work and hard-earned money into their personal attempt to make this dream come true. Depending upon the circumstances, business structure and spousal involvement, it is possible that the spouse may claim that he or she is entitled to a portion of the business if the couple decides to divorce. However, this potential problem can be avoided by addressing it ahead of time in a prenuptial agreement.

Additionally, after the marriage, both spouses usually benefit from the business. In some cases, a spouse may in fact claim that he or she is entitled to a portion of the assets and profits generated by the business throughout the marriage. Again, this can be addressed ahead of time in a prenuptial agreement.

The prudent Illinois business person plans for the future of the business. In today’s society, statistics suggest that there is a possibility that the marriage will not work out and there will be a need for property division upon divorce. Prior to saying “I do,” each individual can benefit by discussing these details with each other and experienced legal counsel.

Source: popsugar.com, “Should I Get a Prenup?“, Jen Glantz, Nov. 24, 2017