St. Charles Attorneys Protecting Professional Practices

Lawyers for Protection Professional Practices in Divorce Serving Kane County

Like any business interests acquired during a marriage, the value of a professional practice may be eligible for division in a divorce. Splitting the assets of a professional practice can be disastrous for the practice, however. There are ways to protect your professional practice from harm in your divorce. At the Kane County divorce law firm of Goostree Law Group, we are experienced in handling divorces involving professional practices of all kinds. We strive to ensure that our clients' professional practices are secure despite a divorce.

Dividing Professional Practice Assets in a Divorce in Kane County

If you own a professional practice or a portion of a professional practice, some or all of the value of your practice may be considered a marital asset. As such, the practice is at risk of division in a divorce unless you have a valid prenuptial or postnuptial agreement. In many cases, the court will consider who contributes the most to the practice and allow that person to retain ownership of the practice, ensuring that the practice can stay intact. However, this is not always the case. It is important to have an attorney who is experienced in protecting professional practices on your side. Our attorneys represent all types of professionals, including:

  • Doctors
  • Lawyers
  • Dentists
  • Accountants
  • Financial planners
  • Therapists
  • Chiropractors

Regardless of the type of professional practice, the first step in protecting your interests is obtaining an accurate business valuation. You must know precisely what your practice is worth to ensure you can keep it financially secure following your divorce. Our attorneys can assist you in getting a proper business valuation from a trusted financial expert. Once the value of the practice has been determined, we will work to find a way to divide your marital assets with your spouse without damaging the value or threatening future of your practice.

For many couples, a professional practice is their most valuable asset, but other assets may hold equivalent values when taken together. We will examine your financial circumstances closely to devise an equitable division of assets that protects your practice and your financial interests. For many people, the best option is to offset the value of a practice by giving their spouse a greater share of other assets. For example, you may keep 100% of your practice, and your spouse may keep the family home.

Contact Our St. Charles Divorce Attorneys for Professional Practice Owners

If you are getting a divorce, and you have a professional practice you wish to protect from division, contact us at 630-584-4800 to schedule a free consultation. We will discuss your legal options and work with you to devise a strategy to protect your career and business assets. Our firm works with professionals throughout Kane County and the surrounding counties of Northern Illinois.

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