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Saving your medical practice after a divorce

On Behalf of | Jul 12, 2022 | Division of Assets

Divorce can have a great many effects on your medical practice in Chicago. One of them can be the fact that your former spouse may be entitled to a portion of the value of your practice as part of the property settlement. This is the kind of twist of fate that can play havoc with the workings of your practice. You will need to take certain steps in order to save your practice from this type of event.

Take steps to keep your property separate

It will be up to you to do all that you can to keep your professional assets completely separate from your personal ones. One way to do this is to sign a prenuptial agreement in advance of your marriage. This will help you to clarify the specific assets that are owned by you alone. Such an agreement will protect you if your marriage should end in divorce.

It’s also important to remember that, in Illinois, a spouse who is not a physician cannot own a medical practice or employ any kind of doctor. If this is the case in your area, you can resolve the issue by buying out your former spouse. Often such a buyout is accomplished over a period of time since most medical practices or marital estates do not contain sufficient liquid assets to accomplish an immediate buyout.