Can a Professional Practice Be Divided in an Illinois Divorce?
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Yes, it is possible that an Illinois court will divide a professional practice in the case of a divorce. However, each divorce is unique, and the court should consider the realities of the practice before it chooses to divide it.
Do You Have a Prenuptial or Postnuptial Agreement Related to the Business?
If so, and either of these agreements spells out who retains ownership of the business in the case of a divorce, then the agreement will likely rule. Unless the court finds reason to invalidate a prenuptial or postnuptial agreement, you may like your odds of retaining ownership of your practice if you are protected by a legal contract.
When No Prenup or Postnup Exists, Ownership of the Practice Is a Key Consideration
750 ILCS 5, also known as the Illinois Marriage and Dissolution of Marriage Act, holds great influence in divorce proceedings, especially when divorcing parties do not have a preexisting divorce agreement in place. As you may know, this Act calls for the equitable distribution of assets among former partners, but the court should strive to allocate assets fairly and sensibly.
When it comes to a home or a pair of vehicles, it may make sense to divide the assets. So long as the partners acquired the home and vehicle while married, such property will typically be divided 50/50 or be granted to either party as part of the broader division of assets.
When it comes to a professional practice, though, the court should consider the following:
- Whether both parties contributed to the practice or whether one party solely owns and contributes to the practice
- Which partner dedicates more of their time and resources
- The implications of dividing the practice and whether division would necessarily cease the operation of the practice
Even if you started your practice prior to getting married, there might be many avenues for an ex-partner to claim that they “contributed” to the practice. Ideally, a partner who has a marital claim to your practice will be willing to accept assets of equivalent value, allowing you to retain sole ownership of your practice (should you so choose).
Call Reifman Law Offices Today for Dedicated Representation Amidst a Divorce
A divorce may be the most complicated process that you experience, and having a capable attorney may substantially alter the outcome of divorce proceedings. An attorney from Reifman Law Offices will fight for your best interests while working to make the divorce process as pain-free as possible.
Our team can:
- Take over divorce proceedings no matter where you currently stand in the process
- Review the details of your practice and explain your legal ownership rights
- Develop a comprehensive strategy for helping you retain the practice (and other assets that are rightfully yours)
- Guide you through the remainder of divorce proceedings
- Fight relentlessly to protect your property, rights, and dignity
Call Reifman Law Offices today for a consultation, or provide your details online to schedule a free consultation. Divorce can be nasty, so hire a law firm that will protect you from needless harm.
At Reifman Law Offices,
we will take the weight of dealing with family legal issues off of your shoulders.
Call Us 847-229-8433
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