Divorce is one of the most complex issues that any couple will have to navigate. In many cases, divorcing spouses have a lot on the line, and standard divorce issues, such as child custody, property distribution, alimony, and more are all at the forefront of a divorce. That being said, if you are someone who owns a private practice and you have a professional license, you are most likely very concerned about the future of that practice, as you have dedicated years of training and work in the field towards building and managing your practice. Unfortunately, oftentimes, professional practices and licenses can further complicate the equitable distribution process, which is why if you have a professional practice and you are gearing up for the divorce process, you must continue reading and speak with our knowledgeable Los Angeles divorce attorney to learn more about how your practice may come into play. Here are some of the questions you may have regarding the legal process ahead:
What is considered a private practice under California law?
Professional practices generally have more of a subjective nature, differing them from other businesses, which is why you will need an experienced attorney involved who is familiar with divorcing spouses who have. Some of the most common examples of professional practices that our firm deals with are:
- Dental
- Accounting
- Engineering
- Architectural
- Medical
- Legal
How are professional practices valued in a divorce?
Generally, there are two primary factors that will determine how your private practice is valued: enterprise and goodwill. Enterprise goodwill is the only type of marital property that may be transferred to a spouse during the equitable distribution process. That being said, there are various differences between enterprise goodwill and personal goodwill, which is why it is critical that you retain the services of a knowledgeable business appraiser who can help ensure this is done properly and in accordance with the law. Unfortunately, those who own professional practices often depend on these practices as their primary source of income, thereby making it the most valuable asset involved in their divorce, which is why you must hire a seasoned California divorce attorney who is familiar with handling divorces with those who own professional practices. For any further questions, simply pick up the phone and give us a call today–we are ready to help you through every step of the process ahead.
Contact our experienced Los Angeles firm
Divorce and family law issues are notoriously complicated and personal, which is why you must hire an attorney with years of experience, as well as the compassion and skill needed to handle these sensitive matters. For the qualified, dedicated legal representation you and your family deserve and need, contact Zitser Family Law Group, APC today.
