In Illinois, if a business is purchased (with a loan) solely by one partner, what claim, if any, does the spouse have on the business at the time of divorce?
Usually, they will have have claim to 1/2 it's value. The loan, of course, is part that equation. The value of the inventory is also often ordered to be split...unless it's all on borrowed money.
Thanks! What if the purchase has not taken place yet and the business is still owned by the estate of the original owner who is deceased? The individual would still only be an employee (the manager) if the purchase had not been agreed upon, started or completed yet?
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