Nobody wants to imagine the day where they realize their marriage can no longer sustain itself, however, divorce is extremely common in today’s day and age, and if you are someone who is currently getting divorced, you are most likely worried about the process ahead. Unfortunately, if you are the owner of a professional practice or a business, there is a chance that your divorce will become even more complicated. This is because oftentimes, professional practices and licenses can become part of the equitable distribution process, even if the other spouse did not directly contribute to the professional practice. This is why it is so important that all those who own professional practices speak with a knowledgeable Los Angeles divorce lawyer who can fight on their side. Here are some of the questions you may have about how a divorce can affect your professional practice:
What is a professional practice?
Professional practices are often subjective in nature, which differs them from other types of businesses. There are a variety of professional practices out there, including those in the legal field, dental practices, medical practices, accounting, engineering, and more.
What happens to a professional practice in a divorce?
When one spouse owns a professional practice and is getting a divorce, their professional practice will have to be valued for equitable distribution. The two most important factors are enterprise and goodwill. Enterprise goodwill is considered a marital asset, and is the only type of property that can be distributed during equitable distribution. If your professional practice classifies as personal goodwill, it may not be subject to equitable distribution, however determining whether a professional practice is enterprise goodwill or personal goodwill is oftentimes very complex, which is why you must hire an expert business appraiser. Our experienced legal team has helped countless individuals who own professional practices through the divorce process over the years, and we are ready to help you as well. For any additional questions, simply pick up the phone and give us a call today. We are here to assist you.
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.