Question By: In Illinois, the division of assets in a divorce is determined by the principle of equitable distribution. This does not necessarily mean a 50/50 split but rather a fair distribution based on various factors. The court considers the length of the marriage, the contribution of each spouse to the marital estate, the economic circumstances of each party, and the needs of any children from the marriage.
Marital property, which includes assets acquired during the marriage, is subject to division. Non-marital property, such as assets owned before the marriage or acquired by gift or inheritance, typically remains with the original owner. However, if non-marital assets have been commingled with marital property, they may become subject to division.
When it comes to a business, the court will evaluate whether it is marital or nonmarital property. If the business was started during the marriage, it is likely considered marital property. Even if the business was started before the marriage, any appreciation in its value during the marriage could be considered marital property, especially if both spouses contributed to its growth.
The court also assesses the contributions of each spouse to the business, including non-financial contributions such as supporting the business owner in various ways. Additionally, the court evaluates the future earning potential of each spouse and may compensate the non-owner spouse with other marital assets or a portion of the business value to ensure a fair outcome.
Contact their Schaumburg business division attorney at the Law Office of Fedor Kozlov by calling to discuss your case confidentially and explore how they can assist you in navigating this challenging journey. For more information, visit: https://lawyer-il.com/how-business-division-is-determined-in-illinois-divorce/
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