Grotta & Associates, P.C.

Call Us Today: 708-873-9500

REVIEW US
  • Home
  • Practice Areas
    • Divorce Issues
    • Parental Rights
    • Other Family Law Matters
  • About
    • Your First Meeting With Us
    • Firm News
    • Thomas E. Grotta
    • Kelly D. Marks
    • Steven S. Russo
  • FAQ
    • Who Needs A Prenuptial Agreement?
  • Reviews
  • Blog
  • Contact
Grotta & Associates, P.C.

708-873-9500

  • Home
  • Practice Areas
    • Divorce Issues
    • Parental Rights
    • Other Family Law Matters
  • About
    • Your First Meeting With Us
    • Firm News
    • Thomas E. Grotta
    • Kelly D. Marks
    • Steven S. Russo
  • FAQ
    • Who Needs A Prenuptial Agreement?
  • Reviews
  • Blog
  • Contact
REVIEW US

Ending your marriage doesn’t have to mean ending your business

by Mary Jo Rowinski | Aug 2, 2017 | blog, Firm News |

Deciding to end your marriage is the first decision you will make in what is usually a very stressful and complex process. This is especially true when you have a substantial amount of assets to divide. On top of determining whether to sell your primary residence in Orland Park or keep it, you and your wife will have to negotiate over the retirement and investment accounts, your vacation home, and everything down to the living room furniture.

Divorce becomes even more complicated when you throw a business in the mix. While you may be willing to let your wife have the house, the boat and her fair share of all other marital assets, the one thing you want to hold on to is your consulting practice. You spent endless hours building your business from the ground up and the last thing you want to do is watch your business fail because of your divorce. Fortunately, there a few things you can do to prepare your practice. Read further for some tips to protect your business from divorce.

Organize it

If you are considering divorce, it is time to get your business organized. This means that you need to get in order all financial statements, tax returns, bank statements and anything else that is relevant to your company and your marriage. Your attorney can help you with this process by specifying what information is relevant.

Get the details

Be prepared to provide information concerning your financial standing in the days leading up to your marriage. Be sure to also include any amounts you personally invested in your practice, both before the marriage and during. Gather your current personal financial information such as the balances on joint and separate bank accounts, the value of your investment accounts, and current balances on any loans and credit cards.

Protect your interests

As soon as possible, start separating all joint accounts, both assets and debts. For example, if she is taking the main residence, you will want to remove your name from the mortgage. This means she will have to refinance the loan into her name. If you do not fully separate all assets and debt, you could end up owing on a loan that you no longer have anything to do with. Your businesses operating agreement should stipulate what will happen to the business should you divorce especially if she is joint owner. For example, you may be able to buy her out. However, if she was not listed as an owner or if she did not participate in the business at all, you may be able to let her take assets equivalent to her share of the companies profits that she would have been entitled to as your wife.

Put it in writing

Keep written records of any conversations you have with your future ex-wife concerning the divorce. Keep all emails, text messages and any other messages you exchange with her. This may provide you with evidence of a property division agreement while you are working toward a fair property settlement.

If you are worried about how your divorce will affect your business, it is important to take immediate steps to protect it and your other interests. Not only will your attorney help you take appropriate actions, your accountant and financial planner can help you prepare for dividing high-value marital property.

Recent Posts

  • Consider these factors before hiring a professional appraiser
  • What a parenting plan in Illinois may look like today
  • How should you approach the topic of divorce with your child?
  • Ways to divide the house
  • Which parent pays for college after a divorce?

Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016

Categories

  • blog
  • Child Custody
  • Divorce
  • Family Law
  • Firm News
  • Uncategorized

RSS Feed

Subscribe To This Blog’s Feed

FindLaw Network
Rated By Super Lawyers Thomas E Grotta 10 Years
National Association of Distinguished Counsel 2019
Leading Lawyers Thomas E. Grotta Peer Selected 2018
Leading Lawyers Kelly D. Marks Peer Selected 2018
National Association of Distinguished Counsel 2018
Leading Lawyers Kelly D. Marks Selected 2017
10 Best 2017 Female Attorney Client Satisfaction
emerging lawyers Kelly D. Marks Selected in 2016
Attorney And Practice Magazine's Family Law Top 10
10 Best 2015-2016 2 Years Client Satisfaction
Illinois State Bar Association
The Chicago Bar Association Founded 1874
Illinois Trial Lawyers Association
Will County Bar Association
Top Attorneys Thomas Edward Grotta 2018
Top Attorneys Thomas Edward Grotta 2018

Get Experienced Legal Help You Want

Chicago Office Map
22 W. Washington Street
Suite 1500
Chicago, IL 60602
MAP & DIRECTIONS
Mokena Office Map
18927 Hickory Creek Drive
Suite 115
Mokena, IL 60448
MAP & DIRECTIONS
Oak Brook Terrace Office Map
1 S 660 Midwest Road
Suite 320
Oak Brook Terrace, IL 60181
MAP & DIRECTIONS
Joliet Office Map
63 W. Jefferson
Suite 100
Joliet, IL 60432
MAP & DIRECTIONS

Phone: 708-873-9500
Fax: 708-873-9555

  • Follow

© 2021 Grotta & Associates, P.C.. All Rights Reserved.

Disclaimer | Site Map | Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters

Image for Pay Securely with Lawpay