Protecting Professional Practices
Ohio Medical Practices and Law Firms in Divorce
Individuals with a private professional practice — doctors, dentists, chiropractors, CPAs and other professionals — or who are partners in a medical practice, law firm, accounting firm or consulting firm, or other business owners, often fear that one of the results of a divorce may be the liquidation of their practice or dissolution of their partnership.
This does not need to be the case. At the Law Offices of William L. Geary, we have found that it is often in the best interests of both parties to protect the continued operation of a professional practice. The first step in doing this is often a detailed valuation of the business including hard assets such as product inventory and equipment.
An experienced and knowledgeable attorney at our Columbus, Ohio, offices can guide you through this process. We regularly work with a network of respected business and financial experts with the specific qualifications necessary to conduct a detailed valuation.
Complex Issues of Professional Practices in Divorce ▪ 614-228-1968
Once the business valuation is complete, it will then be necessary to determine the degree of each spouse’s interests in the business in relation to the marital assets. With the exception of new business start-ups during the marriage, it is unusual that all of one party’s business interests in a professional practice would be subject to the legal division of marital assets.
Contact us today to discuss your case with an accomplished divorce lawyer who understands the complex issues that arise when a professional practice is involved in a divorce, and can advise partners and business owners as to their fiduciary duties in the division of marital property and assets matters.