Doctors, dentists, veterinarians, attorneys, accountants, architects, stockbrokers, engineers and other professionals who own practices will need experienced legal representation if they divorce. The division of a professional practice can be a complex matter and certainly one that will significantly affect the lives of both spouses.

Protecting Your Rights During Property Division

The Bruce A. Chamberlain Law Office provides divorce representation to professionals in Connecticut. We also have experience representing the spouses of professionals. In both cases, you want to be sure that your property rights are protected and you receive the assets to which you are entitled.

New London County professional practices division lawyer Bruce A. Chamberlain has been assisting Connecticut individuals with divorce and complex property division for more than 25 years.

Before we divide a professional practice, we work with financial experts, including business appraisers and accountants, to assist us with the following issues:

  • Calculating the fair market value
  • Calculating the practice's appreciation
  • The property's real estate value
  • The value of the equipment
  • Determining whether the goodwill of the practice is a marital asset
  • Tax consequences

We live in an equitable distribution state, which means that the court will strive to distribute marital assets fairly. Property that one party owned prior to the marriage may be a separate asset. However, when a business is involved, profits that were earned during the marriage may be considered marital property, even if the business is a separate asset. To ensure you are awarded the assets you are entitled to, you will need an experienced attorney on your side.

Additionally, if one spouse contributed financially or otherwise to his or her spouse's education or professional license, the court may award the supportive spouse compensation for losing the practice. We can help you protect yourself in this situation as well.

Contact A Waterford Lawyer For Valuing A Professional Practice

To make an appointment, please call (860) 440-2846 or contact us online.