Today Christopher P. Casey and James M. Godbout from the Chicago office of Stout Risius Ross, Inc. share their personal thoughts on what happens to family businesses when getting divorced:
[caption id="attachment_785" align="alignright" width="124" caption="James M. Godbout"]
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[caption id="attachment_775" align="alignleft" width="124" caption="Christopher P. Casey"]
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Family owned businesses always present unique challenges to the client and the divorce lawyers when going through a divorce. The spouse who owns the company may feel overly attached and entitled to the business, especially if he/she founded or inherited the company. This could ruin a reasonable settlement offer presented by the divorce attorneys. Or the owning spouse, especially if he/she has financial control of the company, may use funds to dissipate the marital estate. Despite these challenges, if only one spouse is actively involved in the company, the other spouse will often be appropriately compensated.











