Dividing Professional Practices In A Divorce
For some couples facing divorce, valuing a professional practice 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.
To effectively represent our clients’ interests, we often partner with highly respected experts, including accountants, actuaries and real estate appraisers. We also work with forensic accountants and private investigators in cases where hidden assets may be involved.
Valuing Professional Practices: What Is Involved?
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 business operated?
- What was the other spouse’s contribution to the business?
- What is the Department of Labor statistics on earning capacity?
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.
Protect Yourself With An Experienced Advocate
When you are facing divorce as a business owner, you want to be sure your lawyer is capable of handling the additional challenges a company may bring. Contact our office in Poughkeepsie to see how we can help protect your best interests. Call us at 845-330-0650 or email us here today.
