Doctors, lawyers, accountants, dentists and other professionals invest many years of education and hard work in their practices. If you divorce, however, your professional practice could be in jeopardy if a court decides that it is martial property. Even if you owned your practice before your marriage, some portion of the practice could be marital property if its value increased during the marriage or if you spent money on it during the marriage.
A prenuptial or postnuptial agreement can help you avoid uncertainty about the future of your professional practice. Even in the absence of a marital contract, however, you still may be able to preserve your practice.
Even though Florida is an equitable distribution state, the courts recognize that some situations justify awarding a greater share of the assets to one of the divorcing spouses. One of several factors that can justify an unequal distribution of assets is the desirability of keeping a professional practice intact and free from claims by the other party.
When your professional practice is at risk, a lot is riding on your divorce settlement. Consult a knowledgeable Tampa divorce attorney to learn more about protecting your professional practice in the event of divorce.