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IL divorce lawyerCompared to many other countries in the world, the United States is fairly young, with rather unique founding principles. Though the U.S. is well known for certain freedoms such as gun ownership, the country also has a reputation for being a good place to live if you want to be a business owner. According to the U.S. Small Business Administration, there were around 30.7 million small businesses owned and operated in the country in 2019.

Owning a small business can be extremely fulfilling, especially if it is a family-run business. However, owning a business can also pose some unique issues during a divorce. Your business is likely one of your biggest and most valuable assets, not to mention your biggest or perhaps even your only source of income. Needless to say, getting divorced when you own a business puts much more than just your business at risk.

How Will Divorce Affect My Business?

What happens at home stays at home, right? Not necessarily. If you own a business and you file for divorce, there is a chance it could follow you back to your workplace. Happily married couples rarely think about what they are going to do in the event that they get a divorce, but when you are a business owner, this is one of the best things you could do. Getting a divorce when you own a business not only puts much stress on you and your spouse and adds to the divorce process, but it can also actually affect the business itself.

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Posted on in Divorce

Illinois divorce attorney, Illinois family lawyer,If you are close to retirement and facing a divorce (sometimes called a “gray” divorce), the issues you will need to address are at least somewhat different than those faced by younger couples. For example, you probably do not need to worry about child custody, as your children, if there were any, may already be grown and out of the house. You do likely have a lot more assets in the form of bank accounts, retirement funds, shared real estate, and more that will have to be split between the two of you.

Where to Begin

Even if both parties are willing to share and compromise, there is more to splitting certain funds than one may realize. Rather than being able to just share an IRA or 401(k) like you might do with a bank account, there are rules that must be followed to avoid various fees and taxes. Often, individuals who have passed their middle-aged years have a variety of retirement accounts, and they can be tricky.

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