Protecting Your Interests In A Business In Divorce
As a business owner, you poured your energy, your money and your heart into the company you built. Now, you find yourself facing a divorce and perhaps a spouse who is insisting on a large settlement or even part ownership of the company you created. In a situation like this, the advice and representation of an experienced attorney can be invaluable.
The Law Offices of Van A. Schwab provides powerful, intelligent representation for business owners in Cook County. Our practice is led by Chicago business owner and divorce attorney Van A. Schwab, who brings more than 40 years of family law experience to each case. He fully understands the complexities involving appreciation and business valuation. He is always prepared to negotiate from a position of strength based on well-researched facts, and he will not hesitate to protect you and your company in court if needed.
Access To Respected Experts
Attorney Schwab has built a network of reliable experts who regularly assist the firm in making accurate business valuations. It is important to consider taxation and accounting rules as well as the law when preparing to divide business property in a divorce. By working with experts, our firm is well-positioned to evaluate the business, its value and any contributions your spouse may have made to its success.
Accounting For All Types Of Business Assets
Business owner divorce requires the division of types of properties that are not usually present when other parties end their marriages. In addition to dividing the marital home, retirement accounts and vehicles, business owners must also consider:
- Trade secrets and intellectual property
- Business goodwill
- Commercial real estate
- Business loans and debts
Options For Dividing Business Interests
When facing a divorce as a business owner, you have a number of options for what to do with your business, including:
- Retaining your business: Retaining complete business ownership in a divorce usually means buying out the other party’s interests. This could be costly, but for many business owners, it is worth the cost to continue owning the business without interference from an ex-spouse.
- Selling your business: If you do not want to continue running the business, selling to the other partner might be your best interest.
- Co-owning your business: Going down the path of co-ownership is the easiest way to keep the business alive without one party having to buy out the other. However, for two people divorcing, it might be a particular challenge to work together in business ownership.
- Liquidating: Finally, you have the option of selling off the business and dividing the liquidated assets. Although this option doesn’t allow for continued ownership, it is a popular option that allows a cleaner break for both parties.
Attorney Van A. Schwab has the knowledge and experience to help you make the best decision for your business and your future.
Contact The Law Offices of Van A. Schwab
To learn more about how The Law Offices of Van A. Schwab assists Illinois business owners going through a divorce, schedule a consultation with our experienced attorney in the Chicago area or anywhere in Cook County. Call 312-702-1745 (in Chicago), 847-616-2425 (in Skokie, Libertyville or Deerfield). You can also contact us online.