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.
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