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Effects Of Divorce On Professional Practice

Independently owned businesses like physician's practices, chiropractic offices, law firms, dental practices or financial advisory firms are often the livelihood of a family. As small businesses, they often require help and support from both spouses in a marriage. This means that if you own a professional practice, a divorce will likely affect more than just your personal life.

At Manassa Hartman, P.C., we understand that this time is challenging on multiple levels. While you are dealing with challenging issues in your personal life, we can help you consider the effects of divorce on your professional practice. Call us at 847-221-5511 to discuss your high-asset family law questions with an experienced lawyer.

Complex Divorce Issues Handled By An Experienced Team Of Illinois Attorneys

It is not easy to split professional practice assets down the middle 50-50. Even if both you and your spouse agree the financial benefits should be equitably divided, only one individual typically wants to preserve the business entity and continue its operation.

We will guide you through divorce issues related to professional practices, such as: • Is my business considered marital property or nonmarital property? • What rights does each spouse have to business assets? • How do we split business assets fairly if the nonprofessional spouse played a large role in building the business? • What tax issues do I have to consider in deciding who takes over ownership of the business entity? Every business will be handled in a different manner, as every family has unique circumstances to consider. Our firm has experience in a wide range of business valuation tactics, including helping businesses value intellectual property, debts and liabilities, physical assets and inventory, brand recognition, goodwill and business appreciation. Arrange a free initial consultation with us online or by telephone to work with a team of professionals that understands both your professional practice and your divorce.

High Net Worth Divorce Articles