Protecting a Professional Practice

Clark Law Group > Divorce > Property Division > Protecting a Professional Practice

Dallas Property Division Attorney Helping Professionals Protect Their Practices

A divorce can affect a person in many ways, and decisions about the division of marital property can have a significant impact on their finances, their living arrangements, and other parts of their life. In some cases, a person may be concerned about how these decisions will affect their ability to maintain ownership of a business or continue working in their chosen field. Professionals such as doctors, dentists, accountants, or attorneys who own their own practices will want to determine how they can protect these businesses and make sure they will be able to continue operating and providing services to clients.

Dallas Professional Practice Protection Attorney

experienced guidance and strong representation

To ensure that matters related to a professional practice will be handled correctly, spouses can secure legal representation from a divorce lawyer who understands the issues that affect these businesses and the property division process as a whole. At Clark Law Group, our attorneys provide our clients with experienced guidance and strong representation, ensuring that they will be able to move forward successfully during and after their divorce. We can help negotiate a workable settlement in an uncontested divorce or advocate for you during divorce litigation to make sure you will be able to maintain ownership of a professional practice and continue to pursue career and business opportunities.

Protecting a Professional Practice During Divorce

If a person founded a professional practice during their marriage, it will usually be considered marital property, no matter whether the spouses worked together to establish the practice or whether it was an effort that was made primarily by one spouse. An ownership share of a practice that was acquired while a couple was married will also be considered a marital asset. A spouse who owned a professional practice before the couple’s marriage will usually be able to maintain ownership of the business, although they may need to address any increase in value of the practice during their marriage or any contributions the other spouse made to the business.

In their divorce settlement, the spouse who provides services through a professional practice may be able to maintain ownership of the business by buying out the other spouse’s share of this asset. If both spouses are involved in the practice, they may be able to continue to work together and co-own the business, although they will most likely want to establish a legal partnership agreement to ensure that they will be able to cooperate to successfully operate the practice in the future.

In most cases, an owner of a professional practice will want to make sure they will be able to continue owning and operating the practice after getting divorced. The best way to make sure a professional practice is protected is to take steps to address this issue before divorce becomes a possibility. In cases where a person owns a professional practice before getting married, they may create a prenuptial agreement that will state that they will continue to own the practice if the marriage ends. For professional practices that are founded or acquired while a couple is married, a postnuptial agreement may be created that will determine how ownership of the practice will be handled if the couple chooses to get divorced in the future.

Contact Our Dallas Asset Division Attorneys

As the owner of a professional practice, you will want to make sure this valuable asset will be addressed properly during your divorce. Our lawyers can help you take steps to protect your business and your career, ensuring that you will be on sound financial footing as you begin the next phase of your life. For legal help with property division and other divorce-related issues, contact us today by calling 469-906-2266. We represent professionals and business owners in divorce cases in Garland, Plano, Highland Park, Farmers Branch, Collin County, North Dallas, Lake Highland, Dallas County, Irving, Preston Hollow, Fort Worth, Valley Ranch, University Park, Grand Prairie, Mesquite, Dallas, Coppell, McKinney, Park Cities, Carrollton, Denton County, and Lakewood.