Obtaining a professional license often takes a considerable amount of time, money and effort — and that does not even include building a practice. Your spouse may have been supportive as you built your practice. Conseuently, divorce proceedings can get complicated for Utah professionals.
The same supportive spouse could now come after you for a portion of your business. The problem is that it is a challenge to establish the value of your practice. This is, in part, because of the effort put into your education, obtaining your license and building your practice. An attorney can work with you to create a strategy to determine its value.
Regardless of whether you are a CPA, doctor or lawyer, you are entitled to protect your practice during a divorce. The only issue that is often more important in the proceedings is the custody of any children you have. Depending on your situation, it may be beneficial to avoid going to court. Whether you decide to involve a mediator will be up to you and your spouse. You can maintain more control over what happens to your practice by negotiating a mutually satisfying settlement with your spouse and each of your attorneys.
After all the time you spent building your practice, it would be a shame to lose part of it in the divorce settlement. Resolving your divorce matters amicably could allow you to maintain full ownership of your business. You can find more information regarding the divorce process in Utah on our website.