Legal Question in Family Law in Illinois
If I start a business as a "C" corporation and get a divorce, am I protected from losing all or part of the business in a divorce? I live in Illinois.
Asked on 6/11/10, 10:28 am
2 Answers from Attorneys
Jonathan Shimberg
Shimberg and Crohn, P.C.
No. If you start the business during the marriage (unless it is merely an incorporation of a pre-marital business) it is marital property subject to the court's power to allocate between spouses.
Answered on 6/11/10, 1:43 pm
John Steele
Steele Law Firm
No. Any and all income during a marriage is presumed marital. You own shares in a Corporation, and that is marital. So whether you take money as income from the business, keep the money in the business as retained earnings, or distribute money in the form of a dividend, you will not be able to shelter it.
Answered on 6/11/10, 1:47 pm
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