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Attorneys, physicians, dentists, accountants and other business owners all share common concerns when it comes to divorce — how to protect their private practices from financial overhaul during divorce. In Kentucky, the manner in which professional business are valued has been changing during the last several years. In 2012 the Kentucky Supreme Court in Gaskill v. Robins, 361 S.W.3d 337 (Ky. 2012) held that a divorce court cannot value a professional's personal goodwill. This seminal case revamped the manner in which valuations are conducted for professional practices. On the other hand, divorce courts can still value the "enterprise" or "corporate" goodwill of a professional practice.
The Gaskill case truly changed the valuation process for professional practices. As the law stands today in Kentucky, the majority of professional practices are valued by assessing the tangible assets and accounts receivable.
Attorney Louis P. Winner has litigated numerous cases involving the valuation of professional practices over the last decade. Attorney Winner was advocating for a change in the manner in which professional practices were valued prior to the Gaskill case, and continues to advocate against business valuators and accountants who refuse to accept the difference between personal and enterprise goodwill.
Located in Louisville, Attorney Winner represents professionals and business owners primarily throughout Jefferson and Oldham counties, though he is licensed to practice in Kentucky, New York and Texas.
One of the most important aspects of protecting a professional practice during divorce is to ensure it is properly valued. Attorney Winner routinely works with top accounting firms and other valuation experts with industry-specific knowledge to fully understand the nature and value of your business. Typical factors contributing to business valuation include:
For more information about how to protect your professional practice during divorce, contact Attorney Louis P. Winner.