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Can you avoid losing your business during a divorce?

If you and your spouse are seeking a divorce in the state of Illinois, you may have already begun to think about the list of important decisions you need to make in the coming months. Often, you may be faced with choices to make regarding child custody, spousal support, relocation and separation of assets. If you and your spouse own a business together, you will face an even more complicated future as you work to protect your company and avoid losing it all as the result of separating from your partner. 

Fortunately, there are precautions you can take to give yourself extra security and put your business in a position to overcome some of the foreseeable challenges it may face. According to Entrepreneur, the careful way that you approach your divorce can potentially have the ability to protect your organization's success despite significant changes in the company's leadership or structure. Some of the things you can do include the following:

  • Give your spouse the boot: If your spouse is responsible for facilitating major parts of organizational operations, be proactive about letting him or her go and finding a comparable replacement who is capable of keeping your company's mission and success alive. 
  • Be willing to compromise: If your ultimate desire is to keep 100 percent of your company, be flexible and prepare to give up other assets in exchange for keeping a large share of your business. 
  • Keep detailed records: Immediately gather valuable records that provide transparency of the company's actions. Additionally, separate personal and business finances and expenditures to prevent complicated confusion and contention when it comes time to separate assets. 

The information in this article is intended for educational purposes only and should not be taken as legal advice.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

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  3. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

  4. The Essig staff are courteous and helpful, and the attorneys are professional and knowledgeable. They are very efficient, with prompt turn-around times on title orders and real estate closings. I would highly recommend this office to others!

    -Donna Jones Craig Jim Maloof Realtor

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