For couples in which one or both spouses are working professionals — doctors, lawyers, dentists, architects, etc. — divorce raises the question of what will happen to the practice.
Depending on the length of marriage and the financial circumstances of each of the spouses, the professional practice must be divided just like any other asset in the divorce. If you are going through a divorce that involves a professional practice, Daniel H. Stock, PLLC, has the perspective and experience you need to protect your interests and reach a fair settlement.
Whether you need to protect your professional practice during your divorce, or want to make sure you receive fair compensation for your contributions during the marriage, we can help.
Taking Inventory of a New York Professional Practice
In a couple where one member is a practicing professional and the other has played a supportive role, it is especially important to protect the professional practice in the context of divorce. As with a business owner divorce, an expert will need to valuate the practice before the assets can be divided. Some factors that may go into this calculation can include:
In addition, a valuator will also take “goodwill” into consideration, which is an intangible yet important factor that incorporates elements of reputation and future earning potential.
Accounting For The Contributions of the Supporting Spouse
While the professional spouse in a couple may be the official breadwinner, often the spouse who manages the home or takes care of the children has played a significant background role that must be acknowledged in the financial negotiations of a divorce. The supporting spouse may have contributed to the financial viability of the marriage by, for example:
• Working to pay the other spouse’s way through graduate school
• Providing office or other managerial support to the practice
• Providing child care that would otherwise have to be paid for
A divorce settlement will also take into consideration whether the practice started before or after the marriage, and if the practice increased in value during the marriage.
Make an appointment to speak with divorce lawyer Daniel H. Stock by using our contact form or by calling us at 475-232-4105.