Kane County Complex Divorce Attorneys Attorneys
Protecting Business Ownership in Divorce Around the Fox Valley Area
The process of divorce can be extremely complicated for many reasons. Some couples may have child-related concerns while others may have significant financial investments. While each marriage and divorce situation is unique and will present the couple with certain obstacles to overcome, business owners and their spouses often face fairly specific struggles of their own. At Bochte, Kuzniar & Navigato, P.C., we are sensitive to the needs of business owners and the challenges they may encounter in divorce.
During a divorce in Illinois, the law requires all marital property to be equitably divided between the parties. While such a concept may seem simple enough, it can be made infinitely more complex when the marital estate includes complicated business interests held by either spouse. Our experienced attorneys have the knowledge and skill to assist you in preparing for the possibility of divorce long before the proceedings ever begin.
Designating Your Business as Non-Marital Property
If you own a business, you can begin taking steps to protect your investment before you even enter into a marriage. Our team can help you draft a prenuptial agreement that identifies your business interests as separate property, not subject to division in divorce. If your ownership began after the marriage, a postnuptial agreement could be developed to serve a similar purpose. You may also wish to consider placing your company under the ownership of a trust, and we are equipped to help you fully understand the applicable laws and regulations for doing so.
Options Regarding Your Business in Divorce
When divorce becomes imminent, preventive action is no longer possible. You still, however, have a number of available ways to protect your business ownership and keep your company under your control. The first step, of course, is to determine an accurate value for your business interests, and we can work with you in ensuring that proper valuation is completed. Then, with the assistance of our attorneys, you and your spouse may be able to negotiate a property agreement that includes:
- A buyout of your spouse’s allocated share of the business with currently available assets;
- A structured settlement that allows you to purchase your spouse’s allocated share over time; or
- Allocating your spouse other marital assets, such as a home or a vehicle, so as to offset your allocation of the entire business.
If an amicable or negotiated resolution is not possible, we are prepared to protect your ownership rights in the courtroom as well, and we will fight on your behalf in pursuit of the judgment you deserve.
To schedule a free initial consultation with the helpful team at Bochte, Kuzniar & Navigato, P.C., contact our office today. We are proud to offer legal services to clients in and around St. Charles, Elgin, Aurora, Wheaton, Batavia, Kane County, DuPage County, Kendall County, and DeKalb County. Call 630-377-7770 to put our experience to work for your family.