Divorce is always complicated, both emotionally and financially. However, if you or your spouse owns a professional practice or a business, your divorce may become all the more complicated. Of course, as the owner of a professional practice, an individual would have to dedicate his or her life toward that practice. This means that it is more than a job, it is a passion and something that should be treated with the utmost care. Unfortunately, professional practices & licenses can make dividing assets and valuations in divorce extremely complicated. For this very reason, if you or your spouse owns a professional practice and you are getting divorce, it is in your best interest to continue reading and to speak with our knowledgeable California divorce attorneys today to learn more about the legal process ahead. Here are some of the questions you may have:
What classifies as a professional practice?
Professional practices differ from other businesses primarily because of their subjective nature. Some of the most common examples of professional practices that our firm deals with are:
- Legal
- Dental
- Architectural
- Medical
- Accounting
- Engineering
How is a professional practice valued in a divorce?
Professional practices are not valued the same as other businesses. For example, to start, among the most important factors when valuing a professional practice are enterprise and goodwill. That being said, you should understand that only enterprise goodwill is considered a marital asset when it comes to divorce. Simply put, enterprise goodwill is the only type of marital property that can be transferred to a spouse in the division of assets. There are various intricies associated with determining the differences between enterprise and personal goodwill, which is why you must hire an expert business appraiser who knows the ins and outs of the law.
You should also understand that if you own a professional practice, there is a very good chance that this is the most valuable asset in your divorce. Since you have so much at stake, you cannot afford to enter the process without the assistance of a highly experienced Los Angeles divorce attorney who has helped countless individuals who own professional practices fight for what is rightfully theirs.
If you have any additional questions about professional practices and divorce, please do not hesitate to give our seasoned firm a call today. We are always here to help.
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.
