location 1580 N. Northwest Highway, Suite 12, Park Ridge, IL 60068
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George Skuros
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phone 312-884-1222

Chicago Family Business Protection Attorney

Schaumburg family business divorce attorney

Chicago Divorce Lawyer for Protecting Private Practices and Family Businesses in Cook County

Business assets of any kind can have a major impact on the division of marital property during a divorce. However, in the case of family-owned businesses and private practices, emotional connections can make these decisions especially fraught. You may also worry about your ability to continue providing for your family if there is a possibility of losing your business in the divorce. As such, it is understandable that protecting your business would be one of your highest priorities.

At The Law Offices of George J. Skuros, we help business owners prepare for divorce by ensuring that they understand how decisions regarding their business will factor into the bigger picture of the divorce resolution, and we provide quality legal representation to help them achieve outcomes that protect their business and livelihood. With our decades of legal experience and our commitment to keeping you well informed throughout the process, you can trust that your case is in good hands.

Protecting Your Business Before and During Your Marriage

In the United States, the average age at which a person first gets married is increasing, and second and subsequent marriages are also quite common. As such, it is increasingly prevalent for people to enter a marriage with substantial business assets already to their name. For example, you may have a private legal, medical, dental, or psychiatric practice that you started early in your career, or you may be a partner in a family business with your parents, siblings, or other relatives.

Business assets that you own prior to your marriage are considered to be non-marital property, meaning that you will not need to divide them in the event of a divorce. However, it is still often a good idea to create a prenuptial agreement that clarifies your ownership of the business and protects it from potential commingling with marital assets, so as to avoid complications if your marriage ends.

If you start a business or private practice during your marriage, it is much more likely to be considered marital property. This is especially true if your spouse is involved in the business in some way, such as by partnering with you to found it, investing their own assets in it, putting in work to improve the business, or even taking on more domestic or childcare responsibilities to allow you to dedicate more time to the business. If you do not have a prenup before your marriage, it may be a good idea to create a postnuptial agreement after starting a family business to clarify the roles that you and your spouse will play, as well as how the business will be handled if you get a divorce.

Family Businesses During the Divorce Process

If you are currently in the process of getting a divorce, an existing prenuptial or postnuptial agreement can help you resolve many of the issues surrounding your family business. However, if you do not already have an agreement, you will likely need to obtain a valuation for your business and negotiate with your spouse to determine how best to address the business when dividing marital assets.

Selling a business and dividing the income is sometimes an option, but many people are reluctant to give up a family business, and in some cases, the value of a family business or private practice is tied to your reputation in the community rather than a price it could fetch on the market. If you and your spouse can reach a reasonable agreement that clearly protects both of your interests, you both may be able to maintain a stake in the business after your divorce. Alternatively, you could attempt to buy your spouse's share of the business using other marital assets, or you could establish a spousal maintenance agreement to ensure that your spouse is supported even without access to income from the business.

Contact an Inverness Business Protection Lawyer

Whether you need help with a prenup or postnup or representation to protect your business during your divorce, we can assist you. Contact us at 312-884-1222 to schedule a free consultation regarding your case in Inverness, Schaumburg, Arlington Heights, Des Plaines, Park Ridge, Mount Prospect, Chicago, and throughout Cook County.

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