Businesses, Professional Degrees, Licenses and Practices
Dividing Professional Practices, Degrees and Licenses in a Divorce
A law degree, a doctorate, a successful medical practice — married couples benefit from the value of a professional practice, but they also face the stresses involved in difficult work and other challenges.
When these couples face divorce, valuing a professional practice, a degree or a license may become a large part of equitable distribution of marital property under New York State law. The attorneys at Ostertag O'Leary Barrett & Faulkner are well equipped for this difficult task.
With more than 90 years of combined experience, our lawyers have built a reputation for effective and compassionate legal representation for families throughout the Hudson Valley. At our Poughkeepsie law office, we understand that a divorce can be a difficult and emotional time. However, we also know that it is a time when serious decisions must be made. It is our job to protect your interests — helping you to make these decisions in a way that restores calm to your life.
Valuing Professional Practices: What is Involved?
At Ostertag O'Leary Barrett & Faulkner, valuing a professional practice often involves consulting with knowledgeable experts, like accountants, to do a complex assessment of all the factors involved, which include, among others:
- What portion of the marriage occurred while the professional degree was attained?
- What was the other spouse's contribution to the professional degree, license or business?
- What are the Department of Labor statistics on earning capacity?
- How long will the spouse make use of a degree or license?
Our lawyers then review this information with an accountant. We make sure to understand the methodology involved, the assumptions made and the factors calculated. This prepares us to advocate effectively for you.
To speak with a lawyer about the legal matters that affect valuation of a professional practice, contact Ostertag O'Leary Barrett & Faulkner by calling 845-206-4592 or toll-free at 1-866-605-0107. You may also complete our online form.
