In an Illinois divorce, a wide range of assets can be considered marital property, which must be equitably distributed between spouses. This includes joint bank accounts and many properties that you may consider to be part of the household, including the home itself, vehicles, furniture, and more.
However, marital property also likely includes privately owned businesses and other properties owned in only one spouse’s name, provided that they were founded or acquired during the marriage. When you or your spouse have significant business assets, it is important that you understand how the division of property may work in your divorce.
Valuing Marital Business Assets in Illinois
If you have business assets that you want to protect in your divorce, you should first determine whether any of them may be excluded from the marital estate. Businesses that you owned prior to your marriage may be considered non-marital property, especially if they were designated as such in a prenuptial agreement. Businesses purchased with money from a gift or inheritance specifically in your name may also be considered non-marital assets....