Possibilities when dividing an Illinois business after divorce

There are several options a divorcing couple has regarding business ownership in divorce proceedings.

2014-03-11

March 11, 2014 (Press-News.org) Dividing marital assets in divorce can be difficult and contentious. When a couple owns a business together, complications can multiply rapidly. Unlike many assets, including retirement accounts, bank accounts and other assets, business ownership can be difficult to divide or liquidate. That is in addition to the emotional ties each soon-to-be ex-spouse has towards the direction and management of the business.

Illinois is an equitable division state. That means that marital assets -- all assets accumulated during the marriage -- will be divided "fairly" by the court unless the divorcing couple can agree to a division on their own. A business started by one spouse before the marriage is not marital property. However, if the business expanded during the marriage, the other spouse may have some claim to the business. The income received from the business during the marriage is marriage property.

There are several options a divorcing couple has regarding business ownership in divorce proceedings. First, however, a couple must separate legal and financial issues from emotional factors. This can be extraordinarily difficult, but maintaining a level head during this time can pay dividends in the future. There are numerous ways to ultimately resolve co-ownership of a business in divorce, and it is better for everyone involved if practical concerns take precedence over emotional reactions.

Selling or dissolving the business

It may be possible to sell or dissolve the business and divide the assets during the divorce. The benefit of this option is that each ex able to move on with their career and life after the divorce, without the need to work day-to-day with each other. For divorces that are more contentious, this may be the most realistic option, especially if the business has liquid assets or can be sold at a reasonable price.

The sale need not be to a third party. One spouse may sell his or her share of the business in return for other marital assets. Alimony, or spousal support, may play a role in this option. In return for a share of the business interest the other spouse can agree to a lump-sum payment or periodic payments while the other spouse begins a new career or furthers his or her education.

Managing a business together

While no divorce is pleasant, it is possible to maintain a working relationship with an ex-spouse after divorce. Many divorced couples have been able to set aside differences in order to maintain a business or to provide care for children. This option is not for everyone, of course, but if the divorcing couple can manage to work together it may make the most financial sense to keep the business together.

With this option it is still important to delineate roles and responsibilities. Reorganizing the business or redefining job duties may be necessary.

Get expert help

No divorce is the same. Individual circumstances greatly determine what the best course of action is when deciding important matters in a divorce. Getting a professional valuation of the business and obtaining representation by an experienced family law attorney can help a business owner determine the best course of action regarding a business ownership in divorce.

Article provided by Ronald L. Bell & Associates, PC
Visit us at www.attorneyronaldbell.com/Family-Law/

ELSE PRESS RELEASES FROM THIS DATE:

Never-ending winter can make for some icy New York City sidewalks

2014-03-11

This winter has been particularly miserable in New York, especially since multiple run-ins with the polar vortex have left many with the impression that there is no end in sight. Indeed, at almost every turn Mother Nature has tested the resolve of New York residents with historic low temps and near record snowfall totals. This will surely be a winter that most New Yorkers will not soon forget. One unfortunate consequence of such severe winters is the ever-present danger of icy and slippery sidewalks. Even worse, harsh winter temperatures can often cause New York sidewalks ...

Study: Fatalities from non-motorized accidents increasing

2014-03-11

When you think about the dangers caused by distracted driving, you probably think that the most likely one would be a collision with another motor vehicle. However, distracted driving can often also cause cars to collide with pedestrians and bicycles. When this happens, the results can be catastrophic. The lucky ones may walk away from the accident with a few bruises or scrapes, but pedestrian and bicycle accidents can often result in a fatality, due to the superior weight and size of the motor vehicle. Unfortunately, according to a new study, the number of people killed ...

Study: spinal cord injuries on the rise

2014-03-11

Suffering a spinal cord injury can change a person's life forever. Unfortunately, new research indicates that the incidence of these injuries is on the rise in the U.S. Researchers at the Johns Hopkins University School of Medicine examined data collected on 43,137 adults in the U.S. who were admitted to hospitals as a result of spinal cord injury between 2007 and 2009. According to their study, which was published in the Journal of Neurotrauma, uncovered some important facts about spinal cord injuries: - In 2007, the incidence of spinal cord injuries among adults between ...

Federal agency proposes database of truck drivers' drug and alcohol use

2014-03-11

On February 12, 2014 the Federal Motor Carrier Safety Administration announced that it was publishing a proposed rule that would establish a database of information about chemical test results of those who hold commercial driver's licenses. Drug and alcohol use is a huge problem in the trucking industry, and the database is an effort at cracking down on drivers who drive under the influence. Documenting drug test data The proposed rule would establish the Commercial Driver's License Drug and Alcohol Clearinghouse. Commercial carriers will need to upload positive drug ...

Ian Manock Celebrates Four Decades of Emergency Management

2014-03-11

Charles Sturt University Emergency Management Courses Coordinator Ian Manock has been recognized for showing dedication, leadership and excellence in Tertiary level emergency management education, including the key areas of emergency management planning, operations and recovery. With an impressive four decades of practiced experience in his field, Mr. Manock is uniquely qualified to oversee a wide range of tasks on behalf of Charles Sturt University. Over the course of the last 14 years, in his role as an emergency management lecturer and course coordinator at Charles ...

Runaway Amish: The Great Escape

2014-03-11

Emma Gingerich left her Amish community in Eagleville, Missouri, at the age of eighteen. Disagreeing with the beliefs of Amish traditions and upbringing, she made a personal decision that forced her to find the courage to leave the only life she'd ever known. She fled across the country to a family in Harlingen. The emotional turmoil she'd unknowingly inflict upon herself, family, and friends - gut wrenching. She was eighteen years old when she left. Considered no longer a daughter and a sister, temporarily exiled, Emma found her freedom. Placing a priority on her education, ...

Worldwide Branding Recognizes Robert J. Dubrowski for Commitment to Leadership in the Banking and Finance Sector

2014-03-11

Worldwide Branding announces that Robert Joseph Dubrowski, Senior Managing Director and Member of the Executive Committee and Chief Financial Officer of Natixis U.S., the U.S. Wholesale Banking business line of Natixis S.A., has been recognized for showing dedication, leadership and excellence in banking and finance. With 39 years of experience in his field, Mr. Dubrowski is recognized for his concrete understanding of international banking and global markets. He also posseses valued management and consultancy skills in financial, fiscal, regulatory and strategic planning ...

Florian Aigrain Honored for Accomplishments in Investments

2014-03-11

Florian Aigrain, President of FPXA Holdings AG, has been recognized by Worldwide Branding for showing dedication, leadership and excellence in his profession. FPXA Holdings is a long-term investment company that provides innovative financial solutions. It is not content with simply funding technology startups or giving charitable grants to emerging market projects. Instead, it relies on an entirely unique operating model. It builds local management, empowers teams to effect real growth, and creates lasting enterprises. FPXA Holdings has a compelling track record in providing ...

Ulrike Reimann Honored for Accomplishments in Advocacy for Educators

2014-03-11

Ulrike Reimann, Director of Communications, Marketing and Events for the European University Association, has been recognized by Worldwide Branding for showing dedication, leadership and excellence in public relations. Ms. Reimann has 15 years of experience in the field, demonstrating an expertise in organizational skills and structure. In her current role of six years, she is responsible for the strategic communication of EUA and the implementation of all EUA communication activities. Prior to joining the EUA in March 2008, Ms. Reimann had been working in communications ...

Steffan Rygaard Honored for Accomplishments in Contact Lens Brands

2014-03-11

Steffan Rygaard, Director and Owner of Vision Direct Uk Ltd., has been recognized by Worldwide Branding for showing dedication, leadership and excellence in his profession. The pioneer behind VisionDirect.co.uk, an online retailer that provides leading contact lens brands, is Mr. Steffan Rygaard. He spearheaded the campaign on behalf of every individual in the U.K. with optical needs. VisionDirect was able to create a gap in the market to offer the public a fully transparent and more cost-effective solution to their contact lens requirements through the power of the ...

BioCompNet: a deep learning workflow enabling automated body composition analysis toward precision management of cardiometabolic disorders

Nonlinear association between systemic immune-inflammation index and in-hospital mortality in critically ill patients with chronic obstructive pulmonary disease and atrial fibrillation: a cross-sectio

Fondazione Telethon announces CHMP positive opinion for Waskyra™, a gene therapy for the treatment of Wiskott-Aldrich syndrome (WAS)

Vaccine Innovation Center, Korea University College of Medicine hosts an invited training program for Ethiopian Health Ministry officials

[Press-News.org] Possibilities when dividing an Illinois business after divorce
There are several options a divorcing couple has regarding business ownership in divorce proceedings.

Possibilities when dividing an Illinois business after divorce

ELSE PRESS RELEASES FROM THIS DATE:

LAST 30 PRESS RELEASES: