When Is a Business Considered a Divisible Asset in an Illinois Divorce?

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When Is a Business Considered a Divisible Asset in an Illinois Divorce?

St. Charles IL Divorce Lawyers Assisting Clients with Dividing Businesses

In most cases, a business that began during the marriage and has been owned by both spouses is considered a divisible asset. There are options for you and your spouse regarding how to handle scenarios if one party plans to take over the business or if you decide to continue running it together. Our attorney team at Pucci Pirtle can help go over the best plan of action for dividing the business.

Understanding evaluations for businesses can be quite complex, and that is where our team comes in. You can buy out the interest of that business from your spouse or continue to receive your fair share moving forward. We recommend that you not attempt delving into any of those negotiations without competent legal representatives assisting you.

Some divorce and family law attorneys can handle smaller asset cases, but not all of them have experience with businesses possessing high-volume assets or business evaluations. This is a multifaceted area where years of knowledge in this field will be most beneficial for your interests. However, one key factor to remember is that if the business was owned or inherited by one of the spouses prior to the marriage, it is not considered marital property that can be divided.

Contact Our St. Charles IL Divorce Attorneys

Handling the division of property is an area in which our team at Pucci Pirtle has years of experience. You can contact us at whichever one of our offices is near you to set up a free consultation. If you live in the Elgin area, our number is 847-426-1866. If you are located closer to the St. Charles area, that office's number is 630-945-8807. Lastly, if you happen to live near or in Algonquin, we can be reached at 224-249-3200. We look forward to hearing from you and helping with this difficult process.

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