When an Illinois couple goes through a divorce, they will likely have to deal with a lot of strong emotions. Still, there are a number of practical issues that require attention. Among these is determining what to do with shared family assets. Some assets may be easy to sell and divide among the divorcing parties. Other assets, such as a shared business, may require more effort to divide.
One of the first challenges that a divorcing couple has to address is how much the company is worth. Since the answer to this question will determine, in part, how much each party stands to gain financially, it’s good to have this investigation done by an impartial third party.
Each spouse will have to determine what it is they actually want from the business. While some may actually want to run the company, others might be more interested in getting financial compensation for the part of the business they owned from their soon-to-be ex-spouse.
Some spouses decide that they won’t divide the business, but they will continue to work together in the business. From a financial standpoint, this can be seen as a good decision. In some cases, both spouses are so emotionally attached to a business that neither want to let it go. These exes may find a way to work together in relative peace and both stay involved in the business. There are obvious reasons why this option may not be the right option for everyone.
A family law attorney could help a client who is trying to determine what to do with the family business. For example, legal counsel could give advice on how to deal with shared accounts, what to do with shared property and how to determine the value of a business.