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Wakenight & Associates, P.C.

1100 Lake Street, Suite 120, Oak Park, IL 60301

DuPage County | 630-852-9700

Mokena | 815-727-6144   Oak Park | 708-848-3159

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Elmhurst Lawyers for Protecting Family Businesses in Divorce

Lombard Lawyers for Protecting Family Businesses

Attorneys in DuPage County for Wealth Protection

Owning and operating a family business is a serious undertaking, but it can also be a source of tremendous pride. At Wakenight & Associates, P.C., we realize that the "family" element of such a business is extremely important. Unfortunately, it is that family element that can be directly affected by a divorce.

A family-owned business is often considered to be a marital asset, which means that it must be taken into account during a divorce. If you have interests in a family-owned business, we can help you protect your company as you pursue a settlement or judgment that fully protects your rights.

Trusted Oak Brook Counsel for Family-Owned Businesses in Divorce

There are many factors that must be considered when a divorce involves a family-owned business, including which spouse owns interests, other family members who may be involved, and whether the business was covered in a prenuptial or postnuptial agreement.

Most divorce cases that involve family businesses can be divided into two basic scenarios. The first situation is one in which one spouse owns the business along with other members of his or her extended family. A company that has been handed down through a the generations represents an example of this type of case. In such a scenario, the spouse who is involved in the business, as well as his or her family, would want to keep their interests in the business. To accommodate such an outcome, the other spouse may be given a proportionately larger portion of the remaining marital property or a buyout may need to be negotiated.

The second common situation is one where the business was started during the marriage and both spouses own the company together. When both spouses are instrumental in running the business, removing one of them is challenging. A buyout could be possible, but the spouses could also decide to continue their business relationship despite their divorce. This would require the spouses to sign a new ownership agreement that protects the interests of each party. If the parties cannot reach an agreement on the business, the remaining option is to sell the business and divide the proceeds.

The attorneys at Wakenight & Associates, P.C. have more than 95 years of combined family law experience. We understand that family-owned businesses can present unique complexities in a divorce, and we have the tools to help you determine your best course of action. Our team can offer creative solutions, negotiate on your behalf, and protect your rights at every stage of the process.

Protecting Wealth in an Illinois Divorce

A family-owned business is just one example of the concerns that often affect high-asset divorces. At Wakenight & Associates, P.C., we know that high net worth individuals often maintain a large number of assets with substantial value—all of which should be protected during a divorce. Our attorneys are equipped to help safeguard real estate holdings, overseas investments, stock portfolios, bonds, and all other instruments of wealth.

We understand the details are incredibly important when high net worth individuals get divorced. A seemingly minor error could result in tens of thousands of dollars in lost opportunities or money spent unwisely. Our team maintains a trusted network of financial professionals who will help us analyze your financial situation and develop solutions that will protect your wealth and your future.

Schedule a Free Consultation Today

If you would like more information about protecting assets in a divorce, including a family-owned business, contact our office. Call 630-852-9700 for a free consultation with a skilled member of our team. We represent clients in Elmhurst, Oak Brook, Villa Park, Addison, Lombard, Hinsdale, Kane County, DuPage County, and the surrounding areas.

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