Here at Zitser Family Law Group, APC, we handle a wide range of divorces. Any divorce is stressful, but if you are someone who owns or runs a professional practice, you’re most likely very worried about the future of your practice. After all, the prospect of a professional practice being at stake to equitable distribution is frightening. That being said, if you own a professional practice and you are concerned about the future of your practice, you should strongly consider speaking with an experienced Los Angeles divorce attorney from Zitser Family Law Group, APC to learn more about the divorce process and how our experienced legal team can help you through it. Here are some of the questions you may have:
How is a professional practice technically defined in California?
The truth is, there isn’t exactly a hard definition of what constitutes a professional practice–in many cases, they’re subjective in nature, and this makes them dissimilar from other types of business. That being said, professional practices traditionally encompass a wide array of professions, such as dental practices, accountants, medical practices, and more.
Are professional practices at stake in California divorces?
Unfortunately for those who own professional practices, they often are at stake when they get divorced. Typically, when a person owns a professional practice and is looking to get divorced, they will have to have their practice valued. This will help determine exactly how much the practice is worth and, in many cases, what portion of the business their spouse is entitled to. Important factors include enterprise and goodwill. Enterprise and goodwill are typically considered a marital asset and will be equitably distributed in a divorce, most likely. However, if a professional practice is classified as personal goodwill, it may not go through equitable distribution. The bottom line is that professional practices are complicated when it comes to divorce, which is why anyone with a professional practice, or a spouse of someone who owns a professional practice, should not proceed without a competent Los Angeles division of assets attorney on their side. Our firm is prepared to assist you through each step of the process ahead. Simply pick up the phone and give us a call today.
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.