Career assets are assets that are acquired during the course of a career, such as when you have a doctor who has a medical office or a dentist who has a dentist office. Obviously they have tools and equipment; those would be considered career assets because those machines or those tools have assets and value themselves. If the medical practice owns its own building, then that might be an asset. Those are all assets that will be acquired during the course of a career.
You would have to decide and ascertain the value of those things. So in that situation, the fair market value of the real estate where the medical practice is on would be accounted for. And you would look at the value of all the equipment in that. And then that whole value would be assigned a net worth, and that would be assigned to one spouse over the other. So, then you would have to account for the differences between the values that the spouse who has the medical practice has, versus the spouse who does not have the medical practice.
Sean Sullivan is a family lawyer practicing in the Elmhurst, Illinois area at the law offices of Laura M Urbik Kern, specializing in child custody and dissolution in divorce. Visit his website, www.laurakern.com, and Divorce Magazine profile.