Protecting Professional Practices and Businesses In Divorce

If you are a licensed professional in Illinois, your career and social standing is likely connected to your practice. Losing a significant part of your practice's value in an unfair divorce settlement could seriously jeopardize both your finances and your future.

At Goddard & Malmquist, we are greater Chicago-area family law attorneys with extensive experience protecting professional practices in divorce. We represent a wide range of clients, including:

  • Physicians and other medical professionals
  • Chiropractors
  • Dentists
  • Architects
  • Accountants
  • Engineers
  • Lawyers

If you are not yet married, we highly recommend that you create a prenuptial agreement to exclude your practice or business as a marital asset. If you are already married, consider a postnuptial agreement, which can also remove the value of your practice or business from the marital estate.

Assessing The True Value Of Your Professional Practice

During a divorce, it is vital to accurately value your practice. To this end, it is wise to engage an attorney who understands not only general property division issues but also the nuances of business valuations, appreciation and depreciation, goodwill, and related matters.

Here are a few of the important questions we may ask:

  • What is the fair market value of your practice?
  • Do you have any tax obligations or business debts?
  • How is the practice expected to appreciate or depreciate?
  • What is the value of the business real estate?
  • What is the value of any intellectual property you own?
  • What are the tax implications of a divorce settlement?
  • Did your spouse contribute to the overall success of your career?

Contact A Practice-Friendly Divorce Lawyer Today

If you are a licensed professional considering divorce, take action to protect your hard-earned assets and career. Turn to Goddard & Malmquist for skilled and strategic representation. Simply call 847-382-3995 or send us an email to set up a consultation.