From Breakup to Business Breakdown Balancing the Bottom Line in Divorce
A divorce can do more than break your heart — it can also dramatically impact your bottom line as a business owner. When you’re a self-made entrepreneur running your own business or co-owning one with your spouse, determining how to divide your business during a divorce presents a host of challenges and nuances that can change the course of your settlement. Here is an overview of some of the basic principles that influence how our state addresses these arrangements. EQUITABLE DISTRIBUTION ESSENTIALS In Illinois divorce cases, courts follow an “equitable distribution” model, meaning that divorcing couples divide their debts and assets fairly and reasonably. Several factors determine a business’s value and how it is divided between spouses. The business’s market value — how much money someone would pay to purchase it from the owner(s) — is critical, as a spouse may have a home
office-based operation that may be too logistically restrictive for an outside party to purchase. In these cases, items like the home business office equipment and furnishing may be used to help determine its value.
no two marriages are the same, business arrangements of this nature vary, and it’s best to get expert legal counsel to address them. TOGETHER IN TRADE Not surprisingly, divorce cases involving businesses become even more complicated when both spouses are co-owners. If one spouse has historically taken a more active role in the daily operations and management of the business and wishes to maintain that position, the other spouse may trade other assets in exchange for relinquishing their half of the ownership. Sometimes, it may benefit the business’s ongoing success for both parties to continue their pre-divorce arrangements. To ensure personal matters don’t cloud future decision-making, both parties can discuss and draft a partnership agreement that explicitly outlines their roles and responsibilities. Selling the business and dividing the proceeds is another — and sometimes more sensible — option.
If only one spouse owns the business, documents such as prenuptial agreements, contingency plans, and ownership agreements may help protect their economic interests in the event of a divorce. Just as
TAKE A BREAK
One-Pot Chicken Noodle Soup
Ingredients • 2 1/2 lbs skinless, bone-in chicken thighs • 1 tsp salt • 1 tsp pepper • 2 tbsp olive oil • 1 large onion, chopped • 3 garlic cloves, minced • 10 cups chicken broth
• 4 celery ribs, chopped • 4 medium carrots, chopped • 2 bay leaves • 1 tsp dried thyme • 3 cups uncooked egg noodles (about 8 oz) • 1 tbsp chopped fresh parsley • 1 tbsp lemon juice
Directions 1.
Season chicken with salt and pepper. In an 8-quart stockpot over medium-high heat, add oil and chicken and cook until golden brown, 3–4 minutes. Remove chicken and set aside. 2. Add onion to drippings; cook over medium-high heat for 4–5 minutes. Add garlic and cook for 1 minute. Add broth and bring to a boil. Return chicken to pot. Add celery, carrots, bay leaves, and thyme. Reduce heat and cover; simmer until chicken is tender, 25–30 minutes. 3. Turn off heat. Remove chicken to a plate. Add noodles and let stand, covered, until noodles are tender, 20–22 minutes. 4. Shred chicken meat into bite-size pieces, and return to pot. Stir in parsley and lemon juice, and discard bay leaves.
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