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Protecting a Business / Professional Practice

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Protecting a Business / Professional Practice

Our Flat Fee Divorce Rates

$1,500

Uncontested Divorce No Children

Starting At$1,800

Uncontested Divorce With Children

Divorce Attorney for Business Protection

Protecting Small Businesses, Doctors, Lawyers, and Other Professional Practitioners

Building a business or professional practice takes an enormous amount of time and effort. When you have put in the hard work to build a company, you will certainly want to make sure that the fruits of your labor are protected. In family law, this may mean learning how to keep your business as separate property or working to maintain control over it during a contentious divorce.

Whatever the reason for concern over protecting your business, Reifman Law Offices is here to help. Attorney Arkady Reifman has been practicing all forms of family law for nearly 20 years and has the experience necessary to resolve any family-related challenge. If you have a business you wish to protect during a divorce, Reifman Law Offices is here to help. Likewise, if you are a doctor, dentist, chiropractor, attorney, architect, or any other professional practitioner, we can assist you in protecting your practice.

Is a Business or Professional Practice Marital Property?

In many cases, a closely-held business or professional practice is considered to be part of a divorcing couple’s marital estate. Under Illinois state law, if one spouse started a business or practice and continued to work in the business during the marriage, the business will generally be recognized as marital property. All marital property in Illinois is subject to equitable distribution, meaning your spouse could end up being given a part of the business after a divorce.

This is true even if your spouse was never actively involved in running the business. The court will presume that the uninvolved spouse still made valuable non-economic contributions to the marriage that allowed the other spouse to focus on building a business.

However, if the business was already your property before the marriage, it may be considered your separate property. There are also ways to maintain a business as your own separate, nonmarital property. Reifman Law Offices can help you determine whether your business is marital property and begin protecting it.

How Can I Protect My Business or Professional Practice?

There are two main ways that you can ensure that your business remains strictly yours. The first is by signing a prenuptial or postnuptial agreement that explicitly states that your business is your separate property and will not be subject to equitable distribution in the event of a divorce. If you have a business or professional practice prior to getting married, a prenuptial agreement may be your safest option. A postnuptial agreement applying to a business started during a marriage is possible but may bring complications.

Always work with a qualified family law attorney before entering into a prenuptial or postnuptial agreement to ensure enforceability, as these agreements can be later disputed. Reifman Law Offices can help you and your spouse or future spouse reach an agreement that works for both of you while protecting your practice.

In the absence of a prenuptial or postnuptial agreement, the other option is to negotiate a property division settlement that allows you to keep your business. Such a settlement may give your soon-to-be ex-spouse a larger share of your remaining marital property, or it could allow you to buy out your spouse’s share of the business using non-marital funds. We are fully equipped to help you find a solution that allows your business to continue in the wake of your marriage ending.

Finally, if your spouse is your business partner, it may be best to include language in the documents you use to set up your business addressing what will happen if the two of you divorce. Reifman Law Offices is experienced in helping spouses reach mutually beneficial agreements and may be able to aid you in reaching this type of resolution far in advance of any potential conflict.

Contact a Streamwood Family Law Attorney

If you would like to learn how we can help you protect the business or practice you are working hard to build, contact our law offices. Whether you have an established professional practice and are soon to be married, or you are married and just exploring the idea of starting a business, Reifman Law Offices is here to help. Call 847-229-8433 so we can offer you a free consultation. We serve clients in and around Schaumburg, Arlington Heights, Palatine, Rolling Meadows, Elk Grove Village, Streamwood, Hoffman Estates, Barrington, and West Dundee.

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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Arkady Reifman

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