Many clients have asked “what happens to my company or professional practice in a Louisville divorce? Divorce cases involving business ownership or a professional practice are quite complex and require skilled, experienced legal representation. The proven divorce and family law attorneys at Dodd & Dodd have decades of trial experience and insight into these cases.
The first question is whether or not you owned the business interest or professional practice prior to entering the marriage? If you did, this could make it separate property, or at least a substantial portion of it. If you acquired or started your company or professional practice during the course of the marriage your ownership interest is considered to be “marital property” and it must be divided according to Kentucky family law.
“Divided” in these cases usually means “offset” with another asset, such as the equity in the family home, investment or savings accounts. The first step is to establish the value of your business ownership interest. The specific valuation assigned in corporate documents will not suffice. In most cases independent expert opinion(s) must be entered into evidence.
We negotiate with opposing counsel in order to reach an agreed upon valuation of the business interest. In some cases, mediation may be required to resolve this issue. If the parties cannot reach agreement the matter must be tried before your Judge.
Once the valuation of the business ownership interest is established it must be “divided” between the parties under marital property law. This can be as simple as releasing interest in one marital asset in order to “offset” your spouse’s marital interest in the business. In many cases our attorneys work creatively to combine assets, stocks or other investments, retirement accounts and even maintenance in order to reach a fair settlement that meets our client’s own goals and objectives.
If you are asking yourself “What happens to my company or professional practice in a Louisville divorce?” you need answers you can count on. If you own a business or professional practice and are considering or beginning a divorce in Jefferson County or Louisville we invite you to review the strong recommendations of our former clients and contact us or call 502-584-1108 to schedule an appointment with one of our experienced divorce and family law attorneys. Learn how to protect the viability and on-going business operations of your company or practice as well as all the hard work, time and money you’ve poured into it over the years.
