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Divorce considerations for small business owners

| Mar 29, 2021 | Divorce |

When you first tied the knot in Illinois, you probably didn’t think much about what would happen in the event that you would get divorced later. Now, since you’re faced with the thought of divorce, you likely have many questions. When you’re a small business owner in Illinois, a divorce can get pretty complicated.

Divorces can disrupt your day-to-day operations

While many people pour themselves into their businesses when they’re facing personal challenges, that’s not always possible. In the event of a divorce, you’ll need to accept the fact that you’ll have various day-to-day disruptions that you’ll have to deal with. Showing up for court hearings, spending time with your lawyer discussing your case, meeting appraisers to evaluate your assets, and answering phone calls regarding your divorce are just some of the many disruptions you’ll experience.

Buyouts and dissolving are options

If you and your former spouse are equal partners in a small business, things may seem complicated. While dissolving your business is an option, it’s not the only one. What you do with your business really depends on what you both are looking for and how much capital you have. For example, if your partner doesn’t want anything to do with the business anymore, you can opt for buying his or her part of the business. This will make you the sole owner. However, it will require a lot of capital upfront.

Being a small business owner comes along with lots of complications. When you decide that it’s time to undergo a divorce, there are many things you’ll need to consider regarding your small business. By understanding these issues, you can help to prepare yourself for dealing with the divorce process and determining your ideal options for settling. An attorney may be able to help you with this.