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Divorce can be complicated even for spouses who share very little marital property. When part of your marital or shared property is a business, ownership interests and other rights regarding the business will need to be divided in an equitable manner. There are a lot of considerations that must be taken into account when dividing a business incident to high-asset divorce. For example, you may consider whether one of you owned the business solely prior to marriage, or if one of you does a majority of the work in managing the company’s day-to-day operations.
Business valuation is likely to be an important step in the process so that both parties - and the court, if need be - are fully informed. While each situation is different, some spouses find it better to negotiate and work out how the business is to be divided amongst themselves with assistance from their attorneys. It is important to work with an attorney who has experience helping business owners get divorced.
There is a multitude of considerations that may go into equitably dividing a shared business. You may want to consider:
You have options when it comes to dividing a shared business during divorce. It is important to speak with an attorney to ensure that you are well informed of what legal options you may have.
Law Office of Martoccio & Martoccio is skilled in dividing shared business ventures when the owners are seeking divorce. Our experienced Hinsdale business valuation lawyers will strive to protect your interests in the business throughout these proceedings. Call 630-920-8855 for a free consultation.