Will County Divorce Lawyer For Protecting Family Businesses

Attorneys for Wealth Protection in Mokena and Orland Park Divorce Cases

If you are considering divorce, you are likely to feel overwhelmed with the many legal, financial, and emotional issues involved in ending your marriage. Things can become even more complicated if you and your ex-spouse have a high net worth, and you will want to be sure to understand how to protect the wealth you have earned, including any family-owned businesses. In these cases, having skilled legal counsel on your side is essential.

At Wakenight & Associates, P.C., our attorneys have over 95 years of combined experience in divorce and family law. We can provide you with a full understanding of the legal and financial issues you will need to address, and we will help you protect the wealth you have worked to build over the course of your marriage.

Addressing Family-Owned Businesses During Divorce

When you have worked hard to build a family business, you may be worried about how it will be affected by your divorce. Dividing business assets with your ex-spouse may threaten the business's ability to remain in operation, and you may also be concerned about this will affect your income and any other family members who are involved in the business.

If you founded or acquired your business after getting married, it will be considered part of the marital property that must be equitably divided between you and your spouse during divorce. In order to keep the business intact, you may need to purchase your ex-spouse's ownership share of the business either by making a cash payment or by allowing them to keep other marital assets. If you and your ex are able to work together, you may consider co-owning and co-managing the business after your divorce. In these cases, you should have a clear partnership agreement in place that provides you with the option to purchase your spouse's share of the business at a later date.

If your family business was founded before your marriage, it will typically be considered separate property that is not subject to division during your divorce. However, growth or increases in the value of the business during your marriage may be considered marital property, and you may be required to reimburse your former partner for any contributions they made toward the business.

Options for Wealth Protection

The best way to protect a family business is by having a marital agreement in place that specifies how ownership of the business will be handled during divorce. If one spouse owns a business before getting married, a prenuptial agreement can be used to protect this business, or a postnuptial agreement can be created if a business was founded during the marriage.

Other methods can preserve and protect valuable assets like monetary funds or real estate. An asset protection trust can be used to place assets in the control of a trustee and protect them from division during divorce. In most cases, this type of irrevocable trust is created before getting married, but it may also be created during a marriage if both spouses agree to do so.

Contact a Frankfort High Asset Divorce Attorney

Preserving your family business is likely to be one of your primary concerns during your divorce. Our attorneys can help you understand the best ways to protect your financial security as you move on to the next stage of your life. To arrange your free initial consultation, contact us at 815-727-6144. We serve clients in Mokena, Orland Park, New Lenox, Oak Forest, Homer Glen, Joliet, Orland Hills, Lockport, and Will County.