Kane County Attorneys Protecting Family Businesses and Professional Practices
St. Charles, IL High Asset Divorce Lawyers
Family owned businesses and professional practices are treated like other marital assets in a divorce. Generally speaking, if the business was acquired during the marriage, it is subject to the property division process in a divorce unless there is a valid prenuptial or postnuptial agreement. There are also certain circumstances in which a non-owner spouse is entitled to a portion of the value of the business even if the business was acquired prior to the marriage. At Shaw Family Law, P.C., our attorneys are highly experienced dealing with family owned businesses and professional practices in a divorce. We understand how important business interests are to our clients' livelihood, and we fight to make sure your rights are protected in your divorce.
Dividing Family Owned Businesses in Divorce
Being in business with your family can be an extremely rewarding experience. Unfortunately, a divorce can derail a family owned business very easily. With an experienced divorce attorney, however, it is possible for your business to weather even a contentious divorce intact and thriving. Our attorneys have assisted divorcing clients with all types of family owned businesses. Most of our clients seek to protect their business from being harmed in the property division process. As seasoned negotiators and litigators, we have the skill set to do just that.
Whenever business interests are involved in a divorce, the first step is to get an accurate business valuation. We work with experienced forensic accountants and other financial experts to ensure our clients' businesses are properly appraised. In most cases, the best way to preserve a business in a divorce is for one spouse (usually the primary operator) to buy out the other spouse using other marital assets. The spouse that surrenders their business interest might receive compensation in the form of real estate holdings, a greater sum of retirement savings, or other comparable assets.
Divorce Representation for Professional Practices
Professional practices may also be considered marital assets and become part of the property division process. Whether you are a doctor, lawyer, financial planner, real estate agent, accountant, psychologist, chiropractor, or any other type of professional, your practice may be at risk if you get a divorce. Even if your spouse has had no involvement in your practice, it could still be vulnerable to division in a divorce. Our attorneys are experienced in protecting professional practices both in negotiations and litigation. We strive to keep our clients' professional practices intact while also protecting our clients' other financial interests.
If your divorce involves family owned business interests or a professional practice, contact Shaw Family Law, P.C. by calling 630-206-3300 to schedule a free consultation. We will listen to you, answer your questions, and help you formulate reasonable objectives for your case. Our attorneys work with clients throughout Northern Illinois including Kane County, DuPage County, DeKalb County, and Kendall County.