Your Professional Practice And Divorce
Divorce involving a professional practice brings unique challenges, particularly when determining how to divide assets fairly. If you are a doctor, dentist, lawyer or other professional in Ohio facing divorce, working with an experienced divorce attorney can help protect your rights and financial future throughout the process.
At Zachary D. Smith, LLC, we provide skilled legal guidance to professionals in Cincinnati and throughout Ohio. Our attorneys use creative strategies to address the complexities of dividing professional practices during divorce. If you or your spouse own a practice and have questions about property division, our board-certified family lawyer can help.
The Unique Challenges Of Dividing Professional Practices
Dividing a professional practice during divorce often requires addressing specific legal and financial challenges. One of the primary issues is determining whether the practice – or part of its value – is marital property.
For example, if a medical or dental practice was started during the marriage, it is typically considered marital property. Even if the practice existed before the marriage, any financial or nonfinancial contributions made by the other spouse could make a portion of its value subject to division.
Valuing a professional practice is another complex aspect. Unlike other businesses, professional practices often involve intangible assets such as goodwill. Personal goodwill – the value tied to the professional’s reputation or skills – may not be subject to division, while enterprise goodwill, tied to the practice itself, could be. Accurately assessing these elements is crucial in protecting your financial interests.
Protect Your Professional Practice
Divorce cases involving professional practices require careful evaluation and a tailored approach. A skilled lawyer can help ensure that the value of the practice is fairly assessed and that you receive the assets you are entitled to.
If you own a professional practice and are facing divorce in Cincinnati, Zachary D. Smith, LLC, has the experience and knowledge to handle your case. Call 513-275-5367 today or use our online form to schedule a consultation.