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Property division when an Illinois business is involved

| May 9, 2019 | Property Division |

Few people — even those who may have created a prenuptial agreement — are ever fully prepared for the emotional and financial ramifications of a divorce. Despite the complications that the end of a marriage can create, often people in Illinois and across the country come to the conclusion that such a path is in their best interests. As such, many turn to the law firm of Lois Kulinsky & Associates, Ltd. for help with the variety of different decisions, including those involving property division, that will ultimately lead to a new, likely happier, and more fulfilling start.

While some decisions regarding property division are relatively straightforward, others can be more complicated. Specifically, the division of a business can be tricky. Any business that is established during the marriage is marital property. Because Illinois is an equitable division state, both spouses will receive a fair share of the business, though a fair share may not be an equal share.

To make this determination, there must first be a fair valuation of the business. The experienced team at Lois Kulinsky & Associates, Ltd. can help with this process. In some cases, a business owner may consider closing the business and dividing the assets. In others, one spouse may receive all the assets associated with the business and assume full control while the other spouse receives other property that will equal his or her share of the business.

Going through a divorce is often an emotionally draining process. Because of this, many people in Illinois may perceive the property division process as overwhelming. Fortunately, our attorneys are ready and willing to help walk those considering divorce through the necessary steps to begin the next stage of their lives.