Illinois couples have to cope with a number of difficult and potentially contentious issues during a divorce, but professional couples have even more to consider. Matters such as alimony, child custody and property division often lead to vigorous and emotionally charged discussions, but doctors, lawyers, architects and accountants must also determine the value of a professional practice and agree about how it will be divided. If you are a professional going through a divorce in Illinois, the fate of your practice is likely one of your primary concerns.
The way that a professional practice is handled during asset division depends upon when the practice was established. Your practice is considered marital property if it was set up after you got married. However, if your practice was up and running before you married, only its increase in value during your marriage will normally be subject to division.
In either situation, the valuation of your practice is of great importance. This is an area of negotiation that is prone to heated debate, and attorneys with experience in these matters may make arguments on behalf of their clients based on research and relevant information. Important factors include the assets and debts of the practice as well as the value of its intellectual property and goodwill.
Our experienced family law attorneys seek to avoid conflict whenever possible during the divorce process, but we will advocate vigorously on behalf of our clients if efforts to reach an amicable compromise prove unsuccessful. Many of the assets discussed during divorce negotiations were acquired after many years of hard work, and it is rarely easy to see them placed on the negotiating table. If you are an Illinois professional concerned about how your practice will be treated during asset division, please visit our page dealing with high asset divorce.
Source: Boyle Feinberg PC, “Divorce For Professionals“, November 26, 2014