Valuing & Dividing a Professional Practice
Valuing and Dividing a Professional Practice During Divorce
Couples in which one or both spouses are partners in a professional law, medical or dental practice, face unique challenges in the division of marital assets during a divorce such as fairly valuing and dividing a professional practice.
If this is your situation, work with a divorce attorney who has experience with complex marital estates, who can help you access the necessary business and financial experts to ensure an accurate assessment of your business.
I'm Oakland, CA, divorce attorney Michael A. Gardner. I've been providing divorce and family law services to clients in the Oakland and San Francisco area for more than 20 years. During that time I've worked with many business-owning families, as well as professionals with business partnerships. While the division of assets in such cases is never easy, I have the experience to accomplish the task properly.
Contact my office to schedule a consultation, or call 510-451-4822.
The challenge in determining a fair and equitable distribution of assets relating to a business is three-fold:
- We need to determine the value of the professional practice at the time of marriage, if the practice was already in existence. The value of the business prior to the marriage may remain the separate property of the business owning spouse.
- We need to determine the value of your professional practice at the time of legal separation and at the time of division. This includes the value of receivables, any buildings or real estate owned by the business, and the value of hard assets. Outstanding debts of the professional practice will reduce the overall value of the practice as an asset.
- And finally, we need to arrive at a decision about how best to handle the division of the value of the practice.
To learn more about business property division in California divorce cases, contact my Oakland law office to schedule a consultation.
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