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Property division and private practices in Illinois

As your divorce in Illinois progresses, you know that there is going to be a stage in which a property division agreement has to be reached. Typically, this means dividing up things like your bank accounts, other financial assets, real estate, expensive collections and more. In general, all property has to be split between you and your spouse in a fair manner as you go your separate ways.

However, one important thing not to forget, if you are in the medical profession, is that your private practice could even be in danger. For example, the settlement ruling could determine that your practice is an asset of yours, which then has a financial value to you and your spouse, and that value has to be divided. This could mean simply paying your spouse or allowing him or her to get a larger portion of the other assets, but in some cases, it could mean losing your practice.

There are many important questions that must be asked about the practice as the process takes place. For example, you must determine what the value of the practice is, as would be done with any business. The value of the land on which the property sits and the building itself may come into play. If your practice owes money in taxes, loans or other debts, these can also factor into the ruling.

Since the loss of your practice could derail your career, you can see how important it is for the ruling to be fair and just. To learn more, we encourage you to check out our webpages on property division as soon as possible.

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Goddard & Malmquist
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Barrington, IL 60010

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