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While most people do not go into business as a couple expecting to divorce, statistically speaking about half of all marriages do not EdmontonDivorceMediation last. An Illinois divorce attorney knows that family businesses can easily fold following a divorce, however some are able to continue on. Entrepreneurs often put in long hours and many years of hard work in order to get their business off the ground. When a marriage is on the rocks, some business owners wonder what could happen to the business. In Illinois, all marital assets are subject to property division. This may mean that business owners could face the potential loss of a good portion of their business to an ex-spouse. Some protective measures can be completed before, during and after a divorce to ensure that a divorce does not undo all of the effort put in to creating a successful business. Anyone who plans to start up a business may want to consider signing a prenuptial agreement. An Illinois divorce attorney understands that a prenup must be in place prior to a marriage for it to be valid. For those business owners who are already married, a postnuptial agreement may be a similar In Illinois, all marital property must be assigned a monetary value before being divided.
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