High-asset divorces often involve complex property division and separation of assets. If the divorce also includes the division of a professional practice, you need a skilled lawyer to protect your business and reputation throughout proceedings.
Protecting professional practices in a Frisco high-asset divorce is not something every lawyer can handle, but an experienced high-asset divorce attorney from Towson Law Firm is sensitive to the various nuances involved in these cases.
Licensed individuals with a professional practice may include:
Professionals may own their own practice, be a partner in one, or have some sort of ownership in a professional business. Whatever the case, protecting the practice during a high-asset divorce in Frisco is extremely important to any professional’s future.
In Texas, the value of a practice determines what counts as community property. A non-professional spouse divorcing a professional has the right to part of the value of the professional’s practice. Determining the value of a business practice in Frisco during a high-asset divorce is a key step toward a final resolution.
Valuation may involve examining the overall value of the business, how much value it has gained since the beginning of the marriage (if it existed before), and evaluating what types of financial obligations are linked to the business.
Any assets or income that the practice earned during the marriage are likely to be considered community property, meaning each spouse is entitled to an equal share.
Professional practices often have a reputation or legacy attached to them. This intangible element can add value to the business despite not having an actual dollar amount. In legal terms, this concept is called goodwill. Determining the business goodwill of a practice could be part of the complex valuation process. It is important to note that business goodwill is separate from personal goodwill. There are many small professional practices that have a good reputation because of the professional’s personal value and not because the reputation of the practice itself.
While each high-asset divorce is unique, a Frisco attorney with high-asset divorce experience is the best option for protecting a professional practice and arriving at a satisfactory resolution.
Some divorces involving professional practices may include the division of a practice or a compromise that allows both spouses to continue owning the business after divorce. Most of the time, divorces result in a buy-out where one spouse purchases the other spouse’s share of the practice’s value. This buy-out may be accomplished through spousal maintenance or an agreement on price.
Receive expert valuation and division services from the legal team at Towson Law Firm. We understand how important a professional practice can be to your professional and personal life, and protecting professional practices in a Frisco high-asset divorce can only be accomplished through legal skill and extreme sensitivity to the matters at stake.
Allow us to help you navigate these complicated issues and arrive at a favorable resolution. Contact us to schedule your consultation today.
Our Law Firm’s approach to your case is based on individual circumstances. Whether it is a simple negotiated settlement, or it requires an aggressive approach, we will protect and defend your best interests.
