Wheaton Protecting a Professional Practice in Divorce Lawyer

Divorce Lawyers for Doctors, Lawyers, and Other Professionals in DuPage County and Surrounding Areas

A professional practice, in most situations, is just like any other small business. As with other small businesses, a professional practice could be subject to division in the event of a divorce. Dividing a professional practice, however, is often not realistic, and the effect of a divorce on such a practice could be devastating without proper guidance.

At Goostree Law Group, our experienced divorce attorneys have helped all types of professionals protect their practices during divorce. We are equipped to provide the advice and representation you need to do the same in your situation.

Limiting the Risks for a Professional Practice

If you own any type of professional practice, there is a good chance that at least a portion—if not all—of the value of the practice will be considered part of your marital estate. This means that unless the practice is specifically protected by a prenuptial or postnuptial agreement, it is eligible to be divided during your divorce. At Goostree Law Group, we represent professionals of all types, including but not limited to:

• Doctors and physicians
• Attorneys
• Dentists and orthodontists
• Accountants, financial planners, and investment brokers
• Physical, occupational, and mental health therapists

There are several common scenarios involving professional practices and divorce, including:

• One spouse works in the practice, and the other does not: If you are the professional who owns the practice, you may be able to keep the practice in your name after the divorce. You may need to offer your spouse a larger share of the remaining marital assets in return. A structured settlement could also be necessary if the remaining assets are insufficient to compensate your spouse.
• Both spouses work in the practice, but only one is a professional: If you are a professional, but your spouse works in the practice as well, you could still keep your practice, but doing so may require additional property considerations for your spouse. The value of his or her contributions to the success of the practice must be taken into account in negotiating a settlement.
• Both spouses work in the practice as professionals: In some cases, a practice may include two doctors, lawyers, or other professionals who are married to one another and who share ownership of the practice equally. Depending on the reputation of the practice and your ability to cooperate in spite of your differences, it may be in everybody's best interests to continue owning and operating the practice together. A new partnership agreement will likely be necessary to protect both spouses.

Wheaton Lawyers for Evaluating Professional Practices

Protecting your professional practice in a divorce begins with a reliable, accurate valuation of the business. This will help you understand what you will need to offer your spouse in order to keep your practice intact. The team at Goostree Law Group maintains a large network of trusted financial experts, including business valuation professionals who can help with your case. Once the value is established, we will go to work on crafting a solution that safeguards your practice's future. If a negotiated agreement is not possible, our attorneys are prepared to litigate your case in the courtroom as well.

Let Us Help

If you are considering a divorce and you are concerned about your professional practice, contact our office. Call 630-364-4046 to schedule a free, no-obligation consultation at Goostree Law Group today. Our firm serves clients in Downers Grove, Aurora, Wheaton, Warrenville, Woodridge, Lisle, and throughout DuPage County.