312-332-2915 Email Us
blog home Property Division The Business of Divorce

The Business of Divorce

By Nottage and Ward on September 10, 2018

This fictional scenario is one that Chicago couples face every day.

Tom used to take his wife Abby’s pork tamales to his office every Thursday. It didn’t take long before they were a big hit—not just in his office, but in the whole building. “We were going through so many that I had to charge for them and keep receipts. Abby and I thought, why not make a real business out of this? We could do the food truck thing. That’s what people do, right?”

Within a year, Abby’s Tamale Truck was a regular sight at concerts and sporting events, and near the bars after closing time. After a couple more years, Tom and Abby had a restaurant that was a huge success, but that prosperity came at a price: it cost them their marriage.

This is a familiar story that we hear in the world of divorce: a married couple goes into business together, only to find that the long hours and added stress have separated them emotionally and led to their eventual breakup.

Let’s look at the legal side of this complicated issue.

To begin with, all married couples going into business together should keep their eyes open: they may divorce or end the business one day. This is not pessimistic; it’s simply reality. Amid the roll-up-your-sleeves, nitty-gritty hard work in the early days of starting a business, it’s common for a couple to not look far enough down the road to prepare for potential hazards.

The business that a couple owns is likely the most valuable asset that each of them will claim in a divorce. At the outset of the business, it’s a good idea for couples to clearly delineate between what’s shared as a business and what’s shared as a married couple. When things get emotional, the lines get blurred.

Before rushing into the devastating process of splitting up the marriage and the business, it’s a good idea to take some time on your own. Take a vacation separately. Spend some time alone and think about the situation with a clear heart and mind. New solutions may present themselves.

As you might imagine, a divorce for a married couple with a business is full of landmines. If you are in business with your spouse and contemplating a divorce, call the legal team at Nottage and Ward, LLP. Our Chicago divorce business valuation lawyers have handled many of these cases to the satisfaction of our clients. Call (312) 332-2915 to set up a consultation today.

Related Articles:

Posted in: Property Division

We are proud sponsors of Little Black Pearl Art and Design Center.

To learn more, click here.

Proud Member of Friends of the Chicago River.

To learn more, click here.

Client Reviews

5 Leslie has been the strongest representation I could ask for

Leslie has been the strongest representation I could ask for in a very complicated, emotional matter. She has continuously looked out for my best interest and the best interest of my son. She is always prompt in getting back to me and in keeping me well informed about my case.
-

Read More Client Reviews

We have the experience.

We are knowledgeable about financial issues. We are experienced in child custody problems and sensitive to the overall needs of the client.

We have the experience to negotiate complex financial issues. The brain trust to maneuver contentious divorce litigation. And the sensitivity and skill to resolve highly charged custody issues.

Contact Us

Where We
Practice

Our practice is concentrated in Cook, DuPage, Lake, Will, Kankakee and McHenry counties.

Nottage and Ward, LLP  | 
10 N. Dearborn, 11th Floor, Chicago, IL 60602

Chicago Illinois Divorce Attorney Disclaimer: The legal information presented at this site should not be construed to be formal legal advice, nor the formation of a lawyer or attorney client relationship. Any results set forth herein are based upon the facts of that particular case and do not represent a promise or guarantee. Please contact an attorney for a consultation on your particular legal matter. This web site is not intended to solicit clients for matters outside of the state of Illinois.

Site design by Two by Four.
Build and Marketing by SLS Consulting | Blog Sitemap