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Naperville Divorce Lawyers Protect Family-Owned Businesses

Downers Grove Family Owned Business and Divorce Attorneys

Divorce Attorneys in DuPage County for Family-Owned Business Concerns

Operating a family-owned business is a great source of pride for many individuals. When a divorce becomes a reality, however, a family-owned business could be at risk. Interests in a family-owned business are often marital assets, which means that they must be considered during the property division process in a divorce. Protecting the company while pursuing an equitable judgment or settlement can be complicated.

At Goostree Law Group, our attorneys have been helping those who run family-owned businesses with their divorce concerns since 2000. With more than 80 years of combined family law experience, our team is equipped to help you obtain a favorable outcome for yourself and your company.

Handling a Family-Owned Business in an Illinois Divorce

Business interests can make any divorce complex. When the company is family-owned, the situation can become even more difficult. When deciding on how to divide your business interests, you will need to consider a number of factors, including which spouse has ownership interests, which other family members are involved, and whether a prenuptial or postnuptial agreement addresses the business.

Our attorneys realize that most situations involving family-owned businesses and divorce fall into one of two basic categories. The first scenario is one where one spouse owns a business with another member of his or her extended family. A business that has been passed down for several generations is a good example. In such a case, it may be best for that spouse to keep his or her business interests if at all possible. Doing so may require allowing the other spouse to have a larger share of other marital assets. If there are not enough other assets, a structured settlement may be necessary to protect the viability of the business for the other owners.

The second scenario is one in which both spouses jointly own the business. If both spouses are active in the daily affairs of the company, removing one or the other from the picture is likely to be complicated. A buyout agreement could be the best course of action, but it is also possible for the spouses to continue running the business together. This option would require a new ownership contract designed to protect each spouse and their interests. If no other arrangement is feasible, the business may need to be sold so that the proceeds of the sale can be divided between the spouses.

Wheaton High-Asset Divorce Attorneys

At Goostree Law Group, our attorneys are committed to protecting our clients' best interests in all types of divorce-related legal matters. When you choose our firm, we will take the time to get to know you and to understand the unique details of your situation. We will explain all of your available options and work with you in making the best possible decisions. Our attorneys will develop creative solutions, advocate on your behalf, and ensure that your rights are fully protected every step of the way.

To learn more about our firm and how we can help safeguard your family-owned business during your divorce, contact our office. Call 630-364-4046 for a free, no-obligation consultation today. With locations in Naperville, Wheaton, and St. Charles, Goostree Law Group represents clients in Aurora, Warrenville, Lisle, Woodridge, Downers Grove, and throughout DuPage County.

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