Family Attorneys Handling Complex Divorce Cases
Helping Clients Protect Professional Practices for Over Five Decades
When it comes to divorce, handling the division of marital assets can be complicated enough without also having to figure out how it could affect a family business or a professional practice. This can be especially complicated if the practice was not established with the proper liability protection in place, or the subject of a prenuptial agreement.
If you are in the process of obtaining a divorce and you own a professional practice, you should automatically start panicking. Family law attorneys who have experience in complex divorce matters can help guide you through the process.
You can find nationally-recognized, tried and tested legal professionals at Glasgow & Olsson. Our attorneys are able to delve into complex legal issues involving a professional practice regardless of the circumstances, and draw on over five decades of experience in ensuring that justice is done and peace of mind obtained for our clients. Contact us today to schedule a consultation.
Valuation of a Professional Practice
While as a general rule, assets acquired prior to marriage can remain the sole property of the spouse who acquired them, it is important to note that a professional practice, like other assets, can become part of the marital estate, depending upon the circumstances of that practice during the marriage. For example, if the other spouse contributed to the professional practice, that investment can become part of the marital estate, as can any increase in value of the practice.
In order to ascertain these valuations, you and your attorney will likely engage in the discovery process, whereby the associated financial records are analyzed as part of the valuation. The valuation of a professional practice is, in some respects, slightly different from the valuation of other assets addressed in the event of divorce.
Some of the methods used in valuing a professional practice can include:
- Book value: the value of the practice once all assets are added up and all liabilities are deducted
- Original cost value: what the owner paid for the business
- Fair market value: the price that a buyer would pay on the open market
- Liquidation value: what the owner would receive if forced to sell the asset
- Going concern value: the value of the practice as an ongoing business
Other methods include appraised value, replacement value, intrinsic value, and investment value.
Illinois Divorce and Professional Practice Attorneys
Private practice valuations require skilled handling, attention to detail and a strong commitment to ensuring that the client’s envision for the practice is preserved.
If you are dealing with a divorce and are concerned about protecting your rights as a private practice owner, contact our office today. Our attorneys will take you through the process and help you understand your rights. Our offices are in Schaumburg, Illinois, and we serve clients in Barrington, Barrington Hills, Geneva, Hoffman Estates, Rolling Meadows, Palatine, Wheaton, and throughout Chicago. We also serve clients throughout Cook, DuPage and Kane Counties.