If you are going through a divorce in Illinois and you own a medical practice with your spouse, you may be wondering what to do with it. While many people just keep the practice and continue to operate as usual, this doesn’t always work. You may need to consider other options.
Selling the practice
If you and your spouse are no longer on good terms during the divorce, it may be best to sell the practice. This way, you can each go your own separate ways and start afresh. You may need to agree on a fair price for the practice, which may require the help of a third party. For instance, you may need to hire a business appraiser. When you sell the practice, you can decide how to divide the proceeds.
Selling the practice may not be easy, especially if you have built it up over many years. However, it may be the best option for you and your spouse.
Buying out your spouse
If you don’t want to sell the practice, you may be able to buy out your spouse’s share. This option may work well if you are able to get financing. You may need to negotiate a fair price for the buyout, which may again require the help of a third party such as a business appraiser. Once you buy out your spouse, you will be the sole owner of the practice.
Buying out your spouse can be a good way to keep the practice in your hands and avoid having to sell it.
Continuing to operate the practice together
In some cases, divorcing couples are able to continue operating their business together. This may be possible if you have a good working relationship and can communicate well. You will need to put aside your personal differences and focus on what’s best for the business. If you decide to continue running the practice together, you will need to draw up a new partnership agreement.
No matter what you decide to do with your medical practice in divorce, try to consider all of your options before making any decisions. This is important to ensure that you protect your interest.