WHEN SHOULD I HIRE A DIVORCE ATTORNEY FOR BUSINESS OWNERS?

Quite simply, right away. If you are even considering a divorce, the advice and counsel from a business owner divorce attorney can save you aggravation and money. There are steps you can take both personally and professionally before the formal process begins that will help protect your business, your family, and your future.

WHY DO I NEED TO DETERMINE HOW MUCH MY BUSINESS IS WORTH?

If you own your own business and it is considered part of the marital assets, its value will be taken into account during the division of property discussions. How your business is valued is important. Our business divorce attorneys can help do this by taking into account a number of factors including, but not limited to how much it could be sold for on the market today. The value of some businesses lies in the professionals who operate them. Business valuationscan be quite complex and may require outside expert assistance, which we can obtain on your behalf.

AS A BUSINESS OWNER, I ALWAYS WORK FULL-TIME. WILL THIS IMPACT MY ABILITY TO GET CUSTODY OR AFFECT VISITATION?

It can. Decisions regarding minor children are always made in their best interests. As your business divorce lawyer, we can help you develop a plan prior to entering negotiations that illustrates both your desire and your ability to provide for the children and how your preferences are best for them.

HOW IS ALIMONY DETERMINED WHEN A BUSINESS OWNER GETS DIVORCED?

Because many business owners don’t receive a weekly or monthly salary, calculating alimony or spousal support can be challenging. Our business attorney will carefully review your company, its operations, and your past history to identify your earnings. If alimony is warranted, this figure will play an important role.

Divorce for Business Owners

Business Owner Divorce Attorney

If you are contemplating a divorce, then you are under a great deal of pressure. The end of a relationship can be emotional, and worry regarding the future is valid.

As a business owner, you have a host of additional concerns. You need to protect your business as your life undergoes considerable change.

While it is always important to engage counsel when contemplating divorce, if you are a business owner, it is critical that the firm you choose have experience in handling similar cases for others. Negotiations can be complicated and contentious, and you want to ensure that your business and future earnings potential are protected. The business divorce lawyer at Wolfe & Stec is both capable and ready to help you address all issues head-on.

Why Choose Wolf & Stec?

We Protect Your Business During a Divorce

Choosing legal representation for a divorce is a very personal decision. You want to work with a firm that is well-versed in Illinois divorce law, is committed to hands-on service, and has a proven reputation for successfully handling sensitive issues. When one of the spouses owns a business, you also want to be sure the attorney has relevant experience. The issues that can arise in situations like this are incredibly complicated. Hiring the right professional is more than important — it is crucial.

At Wolf & Stec, our business divorce lawyers are uniquely qualified to guide you through your upcoming legal process. Our specific experience, attention to detail, and proven success put us in the ideal position to help you move forward while safeguarding what you have worked so hard to achieve. When you engage us, we dedicate the following to serve you.

Business Owner Divorce Experience: Throughout Illinois, some attorneys specialize in family law, under which divorce falls, while others focus their attention on business law. At Wolf & Stec, our divorce attorney has a unique profile, i.e., extensive experience in representing business owners going through a divorce. In addition to understanding the intricacies in all that divorce law entails, she knows the ins and outs of how issues such as business valuation are handled when couples separate.

Hands-on Service: An approach that focuses on attentive service is always important; you want to work with a professional who is around to answer your questions and address your concerns. But, when you own a business, counsel from a team of professionals who are attentive to all of the factors impacting your divorce is incredibly valuable. You see, your professional life and asset base can impact a host of areas under discussion in a divorce, each of which is worthy of significant attention. At Wolfe & Stec, we manage the entire process, taking into account everything that is important to you.

A Reputation for Success: As a business owner, you know that success builds, and nothing is accomplished in a vacuum. Favorably handling a divorce for business owners requires leveraging past knowledge and experience. We have a proven reputation for helping our clients begin their new lives under the best possible circumstances. Our clients regularly refer others in the community as they have the utmost confidence in our ability to deliver.

As a business owner contemplating divorce, you have your hands full. Reach out to us today at 630-305-0222 for guidance on how to proceed. Our business owner divorce attorney is ready to assume responsibility for your case and protect you, your family, and your business.

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Divorce for Business Owners Is Particularly Complicated

Why You Should Be Concerned

The stakes are high for all couples who are separating. The changes to life after a divorce becomes final are substantial: living arrangements, financial position, and parenting are all impacted. That said, when one spouse owns a business, there is even more to consider. Your goals may include:

Caring for Your Business
Protecting Your Privacy
Safeguarding Your Relationships
Preserving Your Wealth
Maintaining Your Earnings Potential.

When these concerns are added to those inherent in a divorce, it becomes clear that you need very specialized representation.

Business Ownership Almost Always Impacts Divorce

In most cases, owning a business plays a major role in how a divorce unfolds. In Illinois, keeping your business and marriage separate is challenging at best. That said, there are some things that can help protect business interests. These include:

Prenuptial Agreements
Postnuptial Agreements
Business Structuring.

While each of these offers some protection, working with a knowledgeable and skilled business owner divorce lawyer is still important.

Illinois law states that property division must be equitable (not equal).

When significant assets are involved, the possibility of contentious negotiations is always present. Your business divorce lawyer can manage the communication process with a focus on keeping emotions out of your interactions.

Divorce In Illinois

Some Things to Keep in Mind

If you are pursuing a divorce in Illinois, there are a number of things to understand. The laws governing the process can be complex, and mistakes can be costly, both personally and professionally.

First, it is important to recognize that there are residency requirements in order to file for divorce. At least one spouse must be a resident of the state for at least 90 days (consecutive) prior to filing a petition for dissolution of marriage.

Additionally, Illinois grants divorce in both fault and no-fault situations. In a no-fault situation, the divorce is granted on the basis of irreconcilable differences; neither party is assigned blame. On the other hand, some of the situations where fault divorces are granted include the presence of adultery or abuse.

In all divorce cases, issues including custody of minor children (if present), property division, and spousal support or maintenance will be determined. If you and your spouse are unable to come to an agreement through your family law attorneys, the process moves to the courts. When identifying a business divorce attorney, you want to also ensure they are creative negotiators and aggressive litigators. You want to be prepared for any situations that may arise.

Frequently Asked Questions

Our Divorce Attorney for Business Owners Provides Answers

The question “how does divorce impact my business” is perhaps the most common one asked of our firm. In each case, this inquiry will have a very specific response, one that is unique to each business owner. Below we have shared other more general questions that impact the divorce process and outcome for business owners, along with our firm’s responses.

When should I hire a divorce attorney for business owners?

Quite simply, right away. If you are even considering a divorce, the advice and counsel from a business owner divorce attorney can save you aggravation and money. There are steps you can take both personally and professionally before the formal process begins that will help protect your business, your family, and your future.
Why do I need to determine how much my business is worth?

If you own your own business and it is considered part of the marital assets, its value will be taken into account during the division of property discussions. How your business is valued is important. Our business divorce attorneys can help do this by taking into account a number of factors including, but not limited to how much it could be sold for on the market today. The value of some businesses lies in the professionals who operate them. Business valuations can be quite complex and may require outside expert assistance, which we can obtain on your behalf.
As a business owner, I always work full-time. Will this impact my ability to get custody or affect visitation?

It can. Decisions regarding minor children are always made in their best interests. As your business divorce lawyer, we can help you develop a plan prior to entering negotiations that illustrates both your desire and your ability to provide for the children and how your preferences are best for them.
How is alimony determined when a business owner gets divorced?

Because many business owners don’t receive a weekly or monthly salary, calculating alimony or spousal support can be challenging. Our business attorney will carefully review your company, its operations, and your past history to identify your earnings. If alimony is warranted, this figure will play an important role.

While the above questions are relatively general, we hope the information we shared is helpful to you. Because each family is unique, as is each business, more information would be necessary to provide you with answers to your specific questions. We welcome you to contact us to schedule an appointment during which we can gain more information regarding your situation and provide you with more pointed advice and counsel.

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Wolfe & Stec: The Firm of Choice for Business Owners Getting Divorced

Protecting Your Family, Your Business, and Your Future

You have leveraged considerable skill, effort, and time in building your business. Success does not come easy; it’s the result of hard work.

Changes in your personal life, like getting divorced, can not only impact your relationship, your parenting, and your financial position, but they can also threaten your business’s ownership and future.

Protecting it requires the advice and counsel of a legal professional whose expertise extends beyond that of divorce law and encompasses business law as well.

At Wolf & Stec, we are experienced family lawyers; we handle divorce matters for a broad range of couples, including those who are business owners. We understand the nuances involved in negotiating their divorces; business ownership impacts divorce settlements, and vice versa. Our business owner divorce attorney knows how to deal with these issues. We can help you legally end your marriage while protecting your business and your future.

Contact our firm today at 630-305-0222 to schedule an appointment. Timing is important when divorce is an issue. We are ready to go to work for you immediately.

Our commitment to our clients is unmatched and the service we provide unequaled. We can help you through the legal process, paving the road for a brighter tomorrow.

Attorney Natalie Stec

Natalie M. Stec, born and raised in Illinois, and earned her Bachelor of Science from the University of Illinois at Urbana-Champaign. Her practice has been concentrated in significant pre and post decree marital and family law cases; including custody, visitation, support, and paternity matters. She has important criminal defense experience in both misdemeanor and felony cases. She is a very dedicated and passionate litigator. [ Attorney Bio ]