Do you own a private practice? Many doctors, dentists, accountants and lawyers have spent years cultivating their business, watching it through its successes and challenges as it grows over the years into a profitable venture. Yet life always has changes in store, and for some married couples this means divorce. What happens to a private practice in Kentucky in the event of a divorce?
In 2012, the Kentucky Supreme Court ruled that when it comes to dissolution, the court is not permitted to place a value on the personal goodwill of a professional practice. That being said, the court is still permitted to place a value on a private practice's corporate or enterprise goodwill. This means that the value of most professional practices in a divorce is determined by examining the practice's accounts receivable and actual property.
However, it is not unheard of for the value of a professional practice in Kentucky to be challenged when it comes to divorce. Attorney Winner Law Group, LLC understands the challenges involved in these situations, and has represented clients in such cases as they go through the litigation process. He advocates for his clients in order to see that the difference between enterprise goodwill and personal goodwill is upheld.
Determining the value of a professional practice in the event of a divorce is complicated, and business owners in such situations may need to be represented by a Kentucky divorce attorney to ensure their rights are honored and their professional practice is properly valued. Attorney Winner Law Group, LLC's website may be a good resource for those who want to learn more about business valuation and dissolution.