Professional businesses in Gwinnett County like a doctor’s office, legal practice, and accounting firm rely on the name and reputation of the professional. The men and women around whom the business revolves are the most important asset of the business – without them there would be no business. This brings up an important distinction when it comes to the fate of a solo practice in divorce in Gwinnett County compared to other business owners dealing with divorce: these practices cannot be sold, divided, transferred, or valuated the same as other businesses like retail stores.
Valuing a Solo Practice in Divorce in Gwinnett County
The most important asset of a professional business such as a medical practice is the doctor himself. Without that doctor, the practice cannot exist if it is a single-doctor practice. The same goes for an attorney running her own law firm – if that attorney loses her business in a divorce to an ex-spouse, the business itself fails to exist because that attorney is no longer practicing with that law firm.
Therefore, professionals who operate their own business will need to have their business’s value determined differently than a typical small business. Additionally, they will need to handle their marital property division negotiations differently.
What You Can Do When Your Practice Cannot Be Sold, Divided, or Transferred
When a lawyer who runs her own law firm gets divorced, it is highly unlikely her husband will be able to buy out, transfer, or divide her business because she essentially is the business. Even if her husband is also a lawyer, it’s unlikely that he can just take over her practice, which relied on her skill and reputation.
Business owners with their own practice may think that they are safe from losing their business because they cannot technically be separated from the business without causing it to collapse. However, these types of businesses are not invincible from being a target in marital property division. Your spouse’s divorce attorney will just go about it differently than a typical small business.
Professionals Trust Their Business to Divorce Attorney David Ward
Protecting a professional practice takes a special skill set and knowledge of how private practices work. Being a professional himself, David Ward knows how these types of person-centric businesses operate and how to handle them during a divorce. Do not let yourself be lured into a false belief that because you are the business your spouse cannot take any of your business assets or value in your divorce.
Mr. Ward works with business valuation experts to determine the true assets and value of your practice. He and his team work to come up with the best solution to keep your reputation and practice up and running while still coming to an amicable and fair decision for both spouses during a divorce.
Doctors, accountants, lawyers, and any other professional who runs his or her own business – you know your office cannot run without you. Call 770-383-1973 or fill out our contact form to schedule a REAL Case Analysis to learn about keeping your professional business running smooth before, during, and after divorce in Gwinnett County.