Cook County Wealth Protection Divorce Attorney

Lawyers Helping Protect Family Businesses During Divorce in Oak Park and Chicago

A divorce represents a major upheaval in your life, and you may worry about how your financial resources will be affected by the end of your marriage. If you are a business owner who wonders whether your divorce will threaten the company you have worked so hard to build, or if you have a high net worth and want to ensure that your wealth is protected, a skilled lawyer can help manage the avalanche of concerns involved in your situation and work with you to reach an outcome that protects your financial interests.

The attorneys of Wakenight & Associates, P.C. have over 95 years of combined experience working in the field of family law, and we know about the financial issues that you will face during your divorce. We can provide you with dedicated representation throughout the legal process, and we will ensure that you understand your options for keeping your family business intact.

Protection of Family Businesses

If you or your spouse founded or otherwise acquired a family business during your marriage, it will be considered a marital asset. Determining how to divide this and other marital property during divorce while ensuring that the business can remain in operation may be difficult. Typically, divorcing spouses use one of two options:

1. One spouse purchases the other spouse's share of the family business. A spouse may use their personal funds to do so, or they may retain full ownership of the business in return for marital assets of an equal value being allocated to their former partner.
2. The spouses continue to co-own and co-manage the business following their divorce. This option requires spouses to maintain an amicable relationship that will allow them to work together as business partners. In these cases, they will likely want to create a partnership agreement that provides either ex-spouse with the option to buy out their partner's interests in the business at some point in the future.

Things can become more complicated if both spouses were involved in running a business that had been founded by one spouse before getting married, or if other family members of either spouse share ownership interests in the business. In these cases, the assistance of a forensic accountant or other financial experts may be needed to determine what percentage of business interests are considered marital property.

Protecting Wealth Through Marital Agreements

Spouses who own family businesses or have other forms of wealth that they wish to protect in the case of divorce may be able to address their concerns if they begin planning before divorce enters the picture. A prenuptial agreement can be created and signed before getting married, and it may specify how ownership of business interests or other assets will be handled in the case of divorce. If a business is founded or acquired after getting married, a postnuptial agreement can be created, allowing the spouses to make decisions about the potential division of business interests if their marriage ever ends.

Contact a Chicago Family Law Attorney

When you have worked hard to build a family business, you will want to ensure that it can continue operating, no matter what changes you experience in your life. Our lawyers will help you understand your best options for protecting your business while ensuring that you have the financial resources you need after your divorce. Contact us today at 708-480-9651 to schedule a free consultation. We assist with divorce cases in Oak Park, Maybrook, Chicago, Skokie, River Forest, Cicero, Elmwood Park, Berwyn, Riverside, Forest Park, and Cook County.