Worcester Business Divorce Attorney — Dividing an Interest in a Professional Practice
It takes years to build a professional practice — a law practice, medical practices, dental practice. It takes skill, professionalism and commitment to maintain that practice. Unfortunately, that hard work can be undone by a poorly managed divorce.
The Worcester business divorce attorneys at Army & Army, L.L.C., have been helping clients through the challenges of complex property division in divorce since 1996. We represent a wide range of clients — men and women, doctors, chiropractors, dentists, orthodontists and other medical professionals, lawyers, architects, accountants, and others in professional practices in Massachusetts.
Divorce does not have to damage you professional practice. Contact the Grafton or Worcester attorneys at Army & Army, L.L.C., to discuss dividing an interest in a professional practice.
Is Your Professional Practice a Marital Asset?
If you are a professional who is a partner in a professional practice, it's always wise to have a prenuptial agreement that protects your partnership interests in a professional practice. If you did not have a prenuptial or post-nuptial agreement in place at the time divorce papers were served, it's particularly important to work with a skilled and experienced divorce attorney who can assess whether your business interests are separate or marital property.
If there is a marital interest, what is the extent of that interest? Is it in current and future earnings of the practice? Is it in the increase in value of the practice since the time of the marriage? If a spouse is claiming an interest, that spouse may need to establish that he or she played a role in increasing the value of the practice in some way — more so than simply being married to a partner.
What Is the Value of Your Share of the Practice?
Valuing a professional practice is complicated and requires special expertise. We work with experienced forensic accountants and business valuators to arrive at a proper asset valuation of a medical or legal practice, a professional license, even a patient or client list. These experts can help us determine what portion of the business interests are subject to division and how that division might affect the corporate structure.
Protecting a Professional Practice in Divorce: Options in Asset Division
It's important that you understand all of your options before you make a decision about your property settlement agreement. Can you buy out a spouse and can you take money out of the business to do so? How will this financial transaction affect your or the businesses tax picture? Must action be taken all at once or can money be transferred over time? Can a spouse receive more of the marital property in exchange for the business interest?
These and other options will be up for discussion when you meet with a Massachusetts asset valuation lawyer at Army & Army, L.L.C. Contact our law firm online or by calling 888-339-4206.
