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Naperville family law attorneyWhen a couple is going through a divorce, the most difficult part of the process is often asset division. This may be especially true if there is a family business involved, as the intricacies of evaluating a business can make considerations for property division quite complex. If possible, having clauses in your business agreement to deal with the possibility of a divorce can prevent problems down the road, but if it is too late for that, the next best option is to be as familiar as possible with how business valuation actually works.

Before Going Into Business

Two scenarios can occur in terms of business interests and marriage. The first, more common situation is that your spouse does not work with you in the business, but by virtue of you owning equity in the business, he or she may be entitled to a stake if you divorce. Even though a business that you start before marriage is technically non-marital property, it has a good chance of becoming marital property, given the nature of Illinois law. Personal effort from one or both spouses can be seen as contributions not from the individuals but from the marital estate, which could make the entire business—or at least a substantial portion of it—marital property.

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