Could my spouse get part of my professional practice in our San Diego divorce? In many ways a professional practice is similar to a small business, but professional private practices also have some unique characteristics which 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 Certified Family Law Specialists 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 San Diego 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 San Diego Divorce
Once a practice is fairly valued, it is important that our Certified Family Law Specialists advocate to ensure that your practice’s value does not lead to an unfair asset division. California 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.
Community property distribution is subjective, comprehensive and can be difficult to predict. Our San Diego 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 Proven San Diego Divorce Attorney
Could my spouse get part of my professional practice in our San Diego divorce? If your interest in the professional practice is deemed to be a community 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 San Diego Certified Family Law Specialists with experience handling the complex issues that arise when a professional practice is involved in a divorce. Our attorneys can help you through the process and protect your professional practice.