How Will My Divorce Affect My Professional Practice?

 Posted on January 15, 2024 in Kane

Going through a divorce can be difficult for anyone. The end of your marriage will not only affect your personal life, but if you own a professional practice, it can also have significant consequences for your business and your career. If you are a business owner or hold a professional license, it is important to understand how your divorce may affect these aspects of your life. By working with an experienced attorney, you can ensure that these issues will be addressed correctly, and you can take steps to protect your financial interests and avoid problems in the future.

Financial Implications

One of the most immediate concerns in any divorce is the division of assets and liabilities. If you own a business or have valuable professional assets, such as patents or trademarks, these may be subject to division between you and your spouse as part of the property settlement. Under Illinois law, all marital property that you acquired during your marriage, including a professional practice that you founded, must be divided fairly and equitably between you and your spouse.

In some cases, the requirement to divide marital property could mean having to sell your business. This can be particularly challenging if you have spent years building up your practice and do not want to see it dismantled. To make sure you can protect your professional practice and continue working in your chosen career, it is crucial to work with an experienced divorce attorney who understands the complexities of dividing businesses and professional assets.

Licensing Considerations

If you hold a professional license that requires ongoing education or adherence to specific ethical standards, your divorce could potentially impact your ability to maintain that license. Certain professions, such as doctors, lawyers, and accountants, have strict regulations regarding personal conduct. In some cases, divorce-related issues like accusations of domestic violence or financial misconduct could lead to disciplinary action.

To protect yourself professionally during your divorce, you can take the following steps:

• Hire an attorney who has experience providing representation for professionals in divorce cases.
• Be transparent with your attorney about any potential issues that may arise during the divorce process so they can help you determine the best strategies for protecting your license and your professional practice.
• Comply with all legal and ethical obligations associated with your profession during the divorce proceedings, demonstrating your commitment to maintaining professional standards.

Business Continuity

If you own a business, especially one that relies heavily on your reputation and your relationship with your clients, it is crucial to consider how the divorce could impact its continuity. Divorce negotiations could potentially involve discussions of buyouts, selling shares, or restructuring the ownership of the business.

To protect your business during a divorce:

• Hire a qualified appraiser who can determine the value of your professional practice accurately.
• Consider creating a prenuptial agreement or postnuptial agreement that addresses how marital assets will be divided in case of a future divorce.
• Create clear policies and documentation regarding key personnel roles within the company to ensure stability if changes may be required during the dissolution of your marriage.

Contact Our Kane County Divorce Lawyers for Professional Practices

If you have concerns about how your divorce might affect your professional practice, the experienced St. Charles property division attorneys at Mirabella, Kincaid, Frederick & Mirabella, LLC., can help you determine the best ways to protect your financial interests, your professional license, and your career. We understand the complex issues that you will need to address during the divorce process, and we are prepared to help you protect your interests as you work to dissolve your marriage. Contact us at 630-665-7300 to arrange an initial attorney meeting today.