Many doctors, accountants, lawyers and other professionals spend their entire careers building private practices.There is a lot at stake regarding divorce for professionals. Under Illinois family law, any professional practice that was established after the marriage began is considered marital property. Even if the practice existed prior to the marriage, any increase in value the practice has experienced during the marriage may be included in the marital estate.
Boyle Feinberg Sharma (BFS), a team of Illinois family lawyers located in Chicago and Arlington Heights, represents professionals and their spouses in a vast array of complex family law issues in Illinois. As owners of a legal practice ourselves, we are keenly aware of the family law issues that arise in these cases and the concerns held by parties on both sides.
Addressing All Key Issues In Illinois High-Asset Divorce Proceedings
Such Illinois family law issues as child custody and support need to be addressed in every divorce proceeding. In a divorce case for a professional, however, there are unique issues that require special attention. Among the most important — and potentially complex — of these is the valuation and division of the practice. There are different ways to approach the valuation of a professional practice. BFS’s family law attorneys are diligent in our pursuit of an accurate valuation that best serves our clients’ interests.
In the process of valuing a professional practice in Illinois, we consider all of the following:
- The value of company assets, including real estate and equipment
- The value of intellectual property, including processes and other intangible assets
- Debts and other liabilities
- To what extent, if any, enterprise goodwill impacts the value of the practice
- We work with a talented team of valuation specialists, forensic accountants and other experts who can help us determine the most accurate possible value for the practice. At every juncture, we are unyielding in our efforts to protect your interests.
Contact Boyle Feinberg Sharma (BFS) to schedule an initial consultation regarding your family law matter. We are located in Chicago and Arlington Heights. You can reach us by phone at 312-376-8860 or 847-394-3940, or via email.