Valuing Professional Practices
Professional practices are considered personal property under New York law. Whether a law firm, medical clinic or other type of practice will be considered marital property to be divided equally often depends upon a number of factors. Whether you are the licensed professional or a spouse who feels you deserve a share of the value of a professional practice or license, obtaining a fair and accurate appraisal is critical.What is the Value of Your Professional Practice? What is the Value of Your Career?
At the law firm of Jonathan D. Katz, Attorney at Law, in Saugerties, I have been representing clients of high net worth in central and eastern New York for more that 25 years. I am an experienced negotiator and litigator with the capacity to handle the most complex financial settlements. I’ve been around long enough to know that nothing can be taken on face value when it comes to obtaining the appropriate appraisal of a professional practice. That’s why I work with business valuation professionals to determine the current and future value of a professional license, commercial property, equipment, intellectual property and the client base.
“Professional practice valuation is critical in your divorce settlement. Your lawyer will need experience handling issues such as appreciation of value and whether the other spouse contributed to the success of the firm. That’s my job, and I’ve been doing it successfully for more than a quarter of a century.” Attorney Jonathan Katz
Some of the complex property issues regarding professional practice valuation include:
- What factors contributed to success
- Appreciation of value over time, fair market value
- Was the professional practice considered part of commingled marital property
- Corporate tax obligations and debts
- Commercial and business real estate property value
- Value of intellectual property, processes, key personnel
Contact my office to arrange a consultation to discuss your concerns about division of assets and the appropriate valuation of a professional practice, subject to characterization as marital or separate property in your divorce.