Divorce is never easy, but things can get even more complicated when your business is involved. Many businesses are considered martial property. This means that the business needs to be addressed during the asset division portion of the divorce. Valuing and dividing business assets is often complex and contentious. Here are four tips to keep in mind when going through a divorce in DuPage County with a business:
1. Understand the Tax Implications
Understanding how your taxes may be affected by your divorce, especially if you own a business, is essential. You may want to speak with an accountant or tax advisor to ensure you take all the necessary steps to minimize your tax burden.
2. Create a Financial Plan
Divorce brings along financial stress, and it is vital to make sure that your finances are in order. Before making any decisions, create a comprehensive financial plan and assess what assets need to be divided. This should include any investments or business interests you share with your spouse. Typically, property that a spouse acquired during a marriage is marital property. Businesses established during the marriage are considered part of the marital estate unless they are excluded through a valid premarital agreement or postnuptial agreement.
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