Protecting Professional Practices in an Illinois Divorce
Wheaton Attorneys Protect Doctors, Accountants and Other Professionals During Divorce
When a business is part of a marital estate, thorough examination and appraisal of the business must be conducted prior to the division of marital assets. This is especially true for professional practices. At Andrew Cores Family Law Group, we understand the importance of valuing your professional practice and protecting your rights to it in a divorce.
We represent doctors, lawyers, dentists, accountants, engineers and other professionals who own practices, as well as individuals whose spouses own businesses. Our experience with high-asset divorce, as well as business and corporate law, means that we have the knowledge to value professional practices and advise you on agreeing to or contesting the division proposed by your spouse's lawyer.
Dividing a Professional Practice
A professional practice may be one of the most valuable marital assets in your estate. That is why we work with financial experts, such as business appraisers, accountants and tax professionals, to advise us on the following matters:
- Calculating the fair market value
- Tax consequences
- The real estate value of the property
- The value of the equipment
- Whether the goodwill of the practice is marital property
In allocating assets, the court will consider both spouses' contributions, including if one spouse contributed to the other spouse's education for a degree or professional license. The court may give the supporting spouse compensation for the practice in the divorce. This may be in the form of a greater share of value of the practice or its profits; or, the judge may choose to give that spouse a greater share of another asset instead.
For additional information regarding your professional practice, speak with us today. Please call us at 630-871-1002 to schedule an appointment. You may also contact us online. We have offices in DuPage County, Cook County, and Kendall County.