If you’re a physician going through a divorce in Illinois, one of the most pressing concerns is whether you can keep your medical practice. This isn’t just a business asset—it’s your livelihood, your professional identity, and the result of years of education and hard work. We understand that the idea of losing control or ownership of your practice can feel overwhelming. That’s why it’s important to understand how Illinois divorce law treats professional practices and what steps you can take to protect yours.
Medical practices are often considered marital property under Illinois law, even if the business was started before the marriage. The value of the practice and how it impacts spousal support, asset division, and even parenting responsibilities can become central issues in your divorce. At our firm, we’ve represented many professionals facing this exact challenge, and we know what’s at stake.
Is A Medical Practice Marital Property?
Under , marital property includes almost everything acquired by either spouse during the marriage. That means even if the practice is in your name alone its value may be subject to division. The court will look at contributions made by the other spouse—financial or otherwise—that supported the growth or maintenance of the business.
If your spouse worked in the office, supported you while you attended medical school, or helped with finances, those contributions may factor into the division of the marital property.
Valuing The Medical Practice
Before the court can decide how to divide the practice, it must be properly valued. This involves analyzing income, assets, goodwill, accounts receivable, and debts. Business valuation experts often play a key role here.
There are two types of goodwill considered in Illinois: personal goodwill and enterprise goodwill. Personal goodwill, tied to your reputation or skills, is not subject to division, while enterprise goodwill—connected to the practice’s ongoing value—is marital property and can be divided.
Protecting Your Practice From Division
Illinois courts aim for equitable distribution, not necessarily a 50/50 split. That means it’s possible to keep your medical practice while offsetting its value with other marital assets. You may need to give up a larger share of real estate, investments, or retirement accounts in order to retain full control of your practice.
In many cases, we negotiate structured buyouts or settlement terms that allow our clients to retain ownership without disrupting patient care or the value of the practice. The key is early, strategic legal planning.
Impact On Parenting And Visitation
Your practice may also affect parenting time and the structure of your parenting plan. Under 750 ILCS 5/602.7, the court considers the best interests of the child when allocating parental responsibilities. If your schedule as a physician limits your availability, we work with you to create a parenting plan that fits your work hours while maintaining strong involvement in your child’s life.
Your ability to maintain a consistent presence and adapt to your parenting responsibilities will be considered alongside your professional obligations.
FAQs About Medical Practices And Divorce In Illinois
Can My Spouse Take Half Of My Medical Practice In A Divorce?
Not necessarily. While your practice may be classified as marital property under 750 ILCS 5/503, Illinois courts apply equitable—not equal—division. This means the court considers various factors to divide property fairly. Note, in most cases only a physician can have medical practice. Therefore, only the doctor spouse will be awarded the practice itself, the other spouse will be compensated for his or her share of the value.
What Happens If My Spouse Helped Me Build My Practice?
If your spouse contributed financially, helped with administrative work, or supported your career in other ways, the court may consider those contributions when deciding how to divide the your assets.
Will The Court Force Me To Sell My Practice?
It’s unlikely. Illinois courts understand that forcing the sale of a professional practice is usually impractical. Instead, the court may award the practice to the physician and compensate the other spouse with a larger share of other marital assets. In some cases, structured payouts are arranged to avoid selling or disrupting the business.
How Is Goodwill Treated In The Valuation Of My Practice?
Illinois distinguishes between personal goodwill and enterprise goodwill. Personal goodwill, which is tied to your own reputation, is not usually divided in divorce. Enterprise goodwill—value derived from the practice’s operations or brand—can be subject to division. Courts rely on business valuation experts to make this distinction.
Can My Practice Affect Parenting Time Or Custody?
Yes, your availability and work schedule as a physician may impact parenting time. Under 750 ILCS 5/602.7, the court looks at each parent’s ability to meet the child’s needs. We help create parenting plans that reflect your work schedule while still preserving your parental rights and involvement.
Do I Need A Business Valuation Expert In My Divorce Case?
In most cases involving medical or professional practices, yes. A qualified business valuation expert can help determine the value of your practice and distinguish between personal and enterprise goodwill. This evidence is critical in reaching a fair settlement or presenting your case in court.
Can I Negotiate A Settlement To Keep My Practice?
Yes. Most divorce cases in Illinois settle outside of court. With the right legal strategy, we can often negotiate a fair agreement that allows you to keep your medical practice while minimizing the financial impact. This may involve giving up other assets or agreeing to a structured payment plan.
Call Michael C. Craven Today To Discuss Your Divorce And Medical Practice
Owning a medical practice during a divorce doesn’t mean you have to give it up. At Michael C. Craven, we understand how to protect your business and your future. Whether you’re preparing for divorce or already in the process, we’ll guide you through every step. To schedule a consultation with our Chicago divorce attorney, Michael C. Craven, please call our office at (312) 621-5234. We represent clients throughout all of Chicago, Illinois.
