Dividing a Business in Divorce: How Illinois Courts Handle Ownership and Protection

Episode Summary:

In this episode of The Family Law Frontline, Attorney Fedor Kozlov breaks down how business owners can protect what they’ve built during a divorce. He explains what qualifies as marital property, how commingling assets can impact ownership, and how courts evaluate and divide business assets. Fedor also covers critical issues like dissipation of marital assets, Chancery cases, and the legal ways business owners can safeguard their companies before and during divorce proceedings.

 

Key Timestamps:

00:00 – Understanding how business ownership affects divorce settlements 01:30 – What counts as marital vs. non-marital property 03:00 – How commingling turns separate assets into marital property 05:00 – When both spouses co-own a business and the challenges of dividing it 07:30 – Licensing issues for professionals like lawyers and doctors 09:00 – How business valuation works and who performs it 10:30 – The difference between business value and cash flow 11:45 – Protecting business assets before and during a divorce 13:00 – Dissipation of marital assets explained 14:30 – Discovery process: uncovering hidden assets and financial activity 15:00 – Using Chancery Court to resolve business partnership disputes in divorce 16:00 – Common tactics used to hide or transfer business assets 17:00 – Creative ways to settle business ownership fairly without breaking the law

About the Show:

The Family Law Frontline with Attorney Fedor Kozlov dives into the complex realities of family and divorce law. Each episode helps individuals navigate legal challenges involving custody, property division, and marital assets with clarity and confidence.