Divorce Attorneys for Professionals and Their Spouses
Though professional practices are similar to small businesses in many ways, they also have some unique characteristics. When a practicing professional is involved in a divorce, there are some particularly complicated issues that must be addressed by both sides.
At Law Office of Melissa D. Cianci, in Roseville, we counsel professionals and their spouses on the implications of California community property laws for professional practices. Contact us to schedule a consultation with one of our knowledgeable attorneys.
Valuing Goodwill and Other Assets of the Practice
For many professional practices, the main factor in valuation of the business is goodwill: the value of the practice's reputation and base of existing clients. Valuing goodwill is obviously more complicated than valuing real estate or equipment. We work with credible experts to establish the value of professional practices.
The date on which a professional practice is valued can be extremely important to both the business interests of the professional and the community property interests of the spouse. We are highly attentive to this issue.
In many cases, professionals practice in a variety of different business entities over the course of their careers. For instance, a partnership may be formed or break up, or a practice may reorganize in order to take advantage of limited liability protections. We are experienced at examining the extent to which goodwill has transferred from one entity to another.
Assessing Community Interests in Professional Qualifications
Another major issue when it comes to the impact of divorce on professional practices is the degree to which the value of the practice is divisible as community property. Obviously, a professional degree cannot be divided. However, if the spouse contributed to the cost of an education (including the cost of living), he or she deserves a fair return on that investment.
Every case is unique, and there are no generalities that we can rely on for any of these issues. Contact us to have our knowledgeable divorce lawyers take a close look at your case and advise you on your options.
