Dodd & Dodd Attorneys, PLLC

Dodd & Dodd Attorneys, PLLC Louisville Kentucky

(502) 584-1108

Could My Spouse Get Part of My Professional Practice in Our Louisville Divorce?

Will Spouse Get Part of My Professional Practice in Our Louisville Divorce

Could my spouse get part of my professional practice in our Louisville divorce?  In many ways a professional practice is similar to a small business, but professional private practices also have some unique characteristics that can make the divorce process especially complicated. Professionals often worry that a divorce may cause the liquidation of their practice. This negative outcome can be prevented. Our experienced divorce and family law attorneys can help you through the process of divorce and find a settlement which protects the continued operation of a private practice.

Establishing the Valuation of A Professional Practice

When answering the question of whether or not your spouse will get part of my professional practice in our Louisville divorce a detailed valuation of the business is a required first step in moving forward. The value of a business includes the sum value of all of the business’s physical assets, accounts receivable, customer lists and goodwill. A physical asset can be fairly easy to put a value on, but something like goodwill is not. This is a significant issue in professional practice valuation because for a professional practice the practice’s reputation and client base are generally the factors that drive the value of the business. The practice valuation is part of the foundation of the divorce process.  Any divorcing professional needs a knowledgeable attorney with the specific qualifications necessary to set up an appropriate and detailed valuation of your practice.

Dividing Professional Practice Assets in a Louisville Divorce

Once a practice is fairly valued, it is important that your attorney advocate determines that your practice’s value does not lead to an unfair asset division. Kentucky Family Courts divide assets and debts as equitably as possible. This means that marital assets will be dividing in a way that is deemed fair to the Court based upon all other factors associated with your case. A fair distribution is not necessarily an equal distribution.

Marital property distribution is subjective, comprehensive and can be difficult to predict. Our Louisville Family Court will take into account wide ranging factors in making a ‘fair’ distribution. A professional practice could be considered marital property relevant in equitable distribution calculations. Typically if the professional practice were started prior to the marriage, all of one party’s professional interests would not be subject to the division of marital assets.

Contact a Louisville Divorce Attorney

Could my spouse get part of my professional practice in our Louisville divorce?  If your interest in the professional practice is deemed to be a marital asset in whole or in part the answer is “yes.”  If you are professional with an ownership stake in a practice or closely held business, and you are beginning the divorce process, you need to speak to one of our Louisville divorce and family law attorneys with experience handling the complex issues which arise when a professional practice is involved in a divorce. Our attorneys can help you through the process and protect your professional practice.

We invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys.