Divorce Services for Lawyers
If you are a lawyer filing for divorce, you may find your law practice one of your most valuable assets. Likewise, if you are getting divorced from a lawyer, it is important that you know how your estranged spouse’s law practice factors in as an asset.
Whether you are a lawyer seeking to protect your firm as an asset or a lawyer’s spouse that believes part of the law firm is rightfully yours, the high net worth divorce attorneys at Goldstein Law Group are here to assist you. Our lawyers have more than 50 years of combined experience helping clients like you fairly divide business practices in the midst of divorce and will help develop the best case for you to sustain income associated with the law firm.
Why should I seek outside legal counsel for my divorce if I am a lawyer with a firm?
- Although you may be capable of assessing your firm’s value as a lawyer, it is important that a detached third party perform this duty and build a defense case on your behalf.
- If you are getting divorced from a lawyer, it is important to build a defense asserting that you were vital in building the firm’s reputation and success.
- Your NJ divorce attorney will work with a professional appraiser and accountant to determine the lawyer’s business interest’s rightful value.
It may take years to build a successful law practice, and the business’s worth can be upwards of millions of dollars a year. Regardless of whether the firm existed and thrived before the marriage was initiated, the courts may determine the lawyer’s estranged spouse is entitled to an equal portion of the firm’s value because of contributions made during the course of the marriage.
The NJ divorce court will determine how much of the firm each spouse is entitled to based on factors including, but not necessarily limited to:
- The firm’s market and real estate value
- Tax issues associated with the law firm
- Whether the lawyer’s spouse invested in education or firm costs
- The property and firm’s appreciation since the marriage began
- The practice’s goodwill, liquid assets, and accounts receivables
- Expenses such as legal malpractice insurance
- The value of all equipment associated with the legal practice
- Cash flow issues
- Partnership or corporate considerations that may affect the doctor’s ability to manage or control the division on non-division of the practice
The court will especially consider whether the lawyer’s spouse invested in costs associated with education, as well as building and developing the law firm. In these cases, the lawyer’s spouse may be allocated more of the firm’s value or a more significant portion of a different asset to balance asset distribution.
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If a law firm is an asset that must be divided during your divorce, the New Jersey high net-worth divorce attorneys at Goldstein Law Group are here to build you the best defense case possible. We will take every precaution to ensure the law practice is fairly divided during your divorce and that both parties achieve equitable asset distribution. To schedule your complimentary initial consultation, please call today at (732) 967-6777 or fill out our contact form.