110 E. Schiller Street, Suite 320, Elmhurst, IL 60126

Weiss-Kunz & Oliver, LLC312-605-4041

CHICAGO
 ⚫ PARK RIDGE
 ⚫ ELMHURST -

Chicago Divorce Lawyer for Entrepreneurs

Oak Brook divorce attorney for business ownership

Attorneys Assisting Business Owners With Divorce in Cook County and DuPage County

Being married as a business owner or entrepreneur is not always easy. Putting in long hours and dealing with financial concerns as you work to build your business can put a strain on your marriage. If you are forced to make the choice between your goals as a businessperson and a relationship with your spouse that is no longer working, you may decide that divorce is the best option for you. However, the end of your marriage can add further complications to your finances and your ability to continue operating your business, so you will want to obtain representation from a skilled attorney who can help you protect your company and your career.

The experienced divorce lawyers of Weiss-Kunz & Oliver, LLC understand the unique concerns faced by entrepreneurs, and we are dedicated to helping our clients achieve positive results when going through the divorce process. We can help you gain a full understanding of the financial issues that may affect your business during your divorce, and we will help you negotiate a settlement that will allow you to continue working toward your business goals. If necessary, we are ready to fight for your rights and financial interests in court litigation.

Legal Issues for Entrepreneurs During Divorce

As a business owner, you will likely want to protect your company's ability to continue operating during and after your divorce. One of the first steps in doing so is determining whether business interests are part of your marital estate and thus subject to division between you and your spouse. If your business was founded or acquired during your marriage, it will be considered marital property. If you owned the business before you got married, it will usually be considered non-marital property. However, if the business grew in value during your marriage, that increase may be considered when dividing the marital estate, especially if your spouse made contributions that helped your business grow.

If your business is considered marital property, you will need to determine how to approach the property division process in a way that will allow the business to remain intact. To ensure that your assets can be divided fairly and equitably, you will need to complete a business valuation. By understanding the actual monetary value of your business interests, you work to reach a settlement with your ex that will allow you to retain full ownership of the company. This may be done by buying out your spouse's share through a cash payment or with other marital assets of similar value.

As an entrepreneur, you will also need to be aware of other legal issues that may affect your finances during divorce. If owning your business allows you to earn a significantly higher income than your spouse, or if they will be the custodial parent of your children, you may be required to pay spousal maintenance or child support. You will want to be sure you will have the resources to meet your ongoing needs and your financial obligations once your divorce is complete.

Contact Our Elmhurst Business Owner Divorce Attorneys

At Weiss-Kunz & Oliver, LLC, we can help you protect your business during your divorce. One of the best ways to do so is to create a prenuptial agreement before getting married or a postnuptial agreement during your marriage. This type of agreement can specify how you and your spouse will handle ownership of your business in the case of divorce, and it can help avoid a great deal of uncertainty and conflict during the dissolution of your marriage.

Whether you want to address matters related to your business before divorce enters the picture or need to determine how to protect your business interests during the divorce process, we can provide the legal help you need. Contact our office today at 312-605-4041. We provide legal representation for entrepreneurs in divorce cases in Elmhurst, Oak Brook, Burr Ridge, Hinsdale, Chicago, Skokie, Lincolnwood, Park Ridge, River Forest, Cook County, and DuPage County.

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