Zuba & Associates, P.C.

Illinois divorce: High stakes when a business is involved

Illinois couples going through a divorce may be concerned over the property settlement, especially if a business is involved. Many people would choose not to continue working together, but sometimes couples decide to try and make it work. Current reports show that 3.7 million businesses in this country are owned by married couples. With the high rates of divorce, this situation likely occurs more often than people think.

If couples decide to continue working together during and after the divorce, mediation may be a good tool to look into. Mediation involves an unbiased third party who can help couples begin to communicate successfully. Anger can be common during divorce making the prospect of talking to each other and sorting out such delicate issues difficult.

Couples who are about to get married can also address the issue of a business in a prenuptial agreement. However, for those who bought their business after they were married, such issues may need to be addressed in the property settlement. While many people would not recommend continuing to work together, some couples are able to communicate successfully and salvage their professional partnerships.

Many options exist for Illinois business owners who go through a divorce. If couples are willing to seek assistance to help them, they can often come to an agreement that is fair to both of them. Divorce is rarely easy, but when a business is involved in the separation, there can be much at stake for both parties. Those couples who are able to collaborate to reach a fair divorce settlement may find that they have what it takes to remain business partners in the wake of a martial dissolution.

Source: Then New York Times, "When Couples Divorce but Still Run the Business Together," Bryan Borzykowski, Dec. 5, 2012

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Zuba & Associates, P.C

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6067 Strathmoor Drive
Rockford, IL 61107

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