Protect Professional Practice In Divorce

For couples in which one or both spouses are working professionals — doctors, lawyers, dentists, architects, etc. — divorce raises the question of what will happen to the practice. Depending on the length of marriage and the financial circumstances of each of the spouses, the professional practice must be divided just like any other asset in the divorce. If you are going through a divorce that involves a professional practice, Daniel H. Stock, PLLC, has the perspective and experience you need to protect your interests and reach a fair settlement. Whether you need to protect your professional practice during your divorce, or want to make sure you receive fair compensation for your contributions during the marriage, we can help.

Taking Inventory Of A New York Professional Practice

In a couple where one member is a practicing professional and the other has played a supportive role, it is especially important to protect the professional practice in the context of divorce. As with a business owner divorce, an expert will need to valuate the practice before the assets can be divided. Some factors that may go into this calculation can include:

  • Income
  • Debts
  • Property
  • Equipment
  • Location

In addition, a valuator will also take "goodwill" into consideration, which is an intangible yet important factor that incorporates elements of reputation and future earning potential.

Accounting For The Contributions Of The Supporting Spouse

While the professional spouse in a couple may be the official breadwinner, often the spouse who manages the home or takes care of the children has played a significant background role that must be acknowledged in the financial negotiations of a divorce. The supporting spouse may have contributed to the financial viability of the marriage by, for example:

  • Working to pay the other spouse's way through graduate school
  • Providing office or other managerial support to the practice
  • Providing child care that would otherwise have to be paid for

A divorce settlement will also take into consideration whether the practice started before or after the marriage, and if the practice increased in value during the marriage.

Speak With An Experienced Divorce Lawyer

Make an appointment with New York City/Westchester County attorney Daniel H. Stock by calling 646-774-2920, or by using the email form. We can schedule an appointment in either our Manhattan or our Westchester County office.