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DuPage County divorce attorney asset division

When you own your own business, that business is your livelihood. For many small business owners, their business is like a baby they take great pride in producing, nurturing, and growing. However, all of that growth and success is jeopardized if you or your spouse seeks a divorce. Even if your spouse was never necessarily involved in the functions of the business, there is a possibility that he or she is entitled to a portion of the business’s value simply because of your marital status. Financial decisions made during your divorce can affect you for the rest of your life, so you should consult with a lawyer before you do anything. A skilled Illinois asset division and business valuation attorney can help you determine how you should handle your business when you are going through a divorce.

What to Do With Your Business

One of the most difficult decisions you will face during your divorce is determining what to do with your business. Typically, there are three options that are available to you: You can buy out your spouse’s share of the business and retain full ownership, sell the business and split the profits as is seen fit, or you can continue to co-own the business. There is no one right answer to what you should do; each family’s situation is different, so each solution will also be different. 

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