Protecting Professional Practices or Family Businesses

Illinois Attorneys for Protecting Professional Practices and Family Businesses

elmhurst il business valuation lawyer

Experienced Divorce Lawyers Helping Clients in Elmhurst, Glen Ellyn, and Throughout the Chicago Area

Divorce is difficult under any circumstances, but when you have a professional practice or family business, the stakes are much higher. Your practice or business not only has monetary value, but it also represents the culmination of your educational achievements as well as countless years of dedication. The prospect of losing what you have worked so hard for can be scary. With so much on the line, it is critical to have skilled legal counsel by your side fighting to protect your interests.

At Weiss-Kunz & Oliver, LLC, we have extensive experience handling high net worth divorces and the issues involved with dividing valuable assets. As a small family law firm, we understand that for licensed professionals and small business owners, practices are more than just assets; they are your livelihood.

Our law firm has a strong track record of success battling some of the largest firms in the Chicago area. Our attorneys have been named Illinois Super Lawyers and maintain Superb Avvo ratings. We know what it takes to protect professional practices and family businesses, and we put our experience to work to ensure you can keep everything you have worked so hard to build.

Protecting Your Assets Before a Divorce

The best way to protect your assets is to craft an agreement before a divorce is ever discussed. Prenuptial and postnuptial agreements can accomplish this by deciding the division of property in advance. For the agreement to be enforceable it must accurately represent your assets, be signed knowingly and voluntarily (without coercion), and be fair and equitable.

Properly Valuing Your Business or Practice

Some of the issues that must be addressed with professional practices or family businesses are the value of the business, future earning capacity of one or both spouses, and tax implications. In certain cases, your spouse’s attorney will want to inflate the value of your business to receive a higher settlement. To achieve a fair valuation, it is helpful to enlist the assistance of outside professionals such as an accountant and business appraiser. Other issues that will arise may include what percentage (if any) of your business or practice could be considered non-marital property and how much your spouse may have contributed to its success.

Licensed professionals and small business owners who are facing divorce need an advocate in their corner that understands what they are trying to protect. At Weiss-Kunz & Oliver, LLC, we are committed to using all legal means at our disposal to protect your hard-earned assets. For a personalized consultation with one of our skilled attorneys, contact us today at 312-605-4041.

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