Illinois residents who own a business with their spouse may have a difficult time dividing that asset in a divorce. Because many business owners hold the majority of their wealth in their company, it's usually not that simple for one spouse to just buy out the other spouse when they go through a divorce. In many cases, divorcing business owners who do not want to keep working together are forced to sell their business and divide the profits.
It is possible for one spouse to buy out the other spouse's share in the business after a divorce. However, unless a divorcing business owner has a lot of cash, it may be necessary for them to take out a loan to buy out their ex-spouse's share in the business. Another option is to add a new partner to the business that can buy out the ex-spouse's share.