It depends on when and how the business was built, what it is worth, and who will run it going forward. If it was started or grown during the marriage, some or all of its value is likely marital.
Valuing a closely held business or professional practice requires a qualified business valuator, and the method matters. Illinois courts distinguish between enterprise goodwill, which belongs to the business and can be divided, and personal goodwill, which is tied to the owner’s own skill and reputation and is not divided as a marital asset.
Often the most workable result leaves the business with the spouse who runs it and balances the division with other assets or payments over time. Keeping operations stable is usually in everyone’s interest, including the spouse who is not involved in the business.