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Division of Professional Practices

Dividing Professional Practices in an Illinois Divorce

A professional practice is more than a job; it is intertwined with a professional’s identity and often represents a lifetime of hard work and achievement. For professionals such as doctors and lawyers – and their spouses – the division of a professional practice represents the most crucial element in the divorce process.

At Gravel & Wechter P.C., we understand the complexities of the division of a professional practice in Illinois and are dedicated to providing sound legal guidance for all parties. We can show you how to protect your rights while maintain the value of a professional practice in the face of divorce.

What Happens When a Professional Practice is Jointly-Owned?

In Illinois, the division of a professional practice is based on the concept of equitable distribution of marital assets. The court will consider a variety of factors in determining the division of the professional practice, such as the length of the marriage, the contributions each party made to the practice, and the education of training of each party that contributed to the success of the practice.

Depending on the nature of the practice, it may be classified as a “professional practice” and subject to a different set of rules than other marital assets. Like any business, it is important to ensure that a professional practice is properly valued, as its value will be the linchpin of the eventual property and financial settlement in the divorce.

In almost all cases, the professional at the heart of the practice will maintain their practice after the divorce. If it is ruled that their spouse is entitled to half of the practice’s value, that dollar figure will be accounted for in other areas of the property settlement. For example, if a practice is worth $1,000,000, a spouse may receive $500,000 in cash to properly compensate them for their share of the professional practice.    

We Are Ready to Protect Your Legal and Financial Interests

You do not have to deal with these complex legal and financial issues alone. Our team at Gravel & Wechter P.C. can resolve your divorce-related issues so you can confidently move forward to the next phase of your life. To speak with an experienced lawyer about child support modification, call 847-855-8447 or submit a contact form today.