If my spouse is a dentist, besides the building itself isn’t the value of the business considered an asset to split?
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If my spouse is a dentist, besides the building itself isn’t the value of the business considered an asset to split?
A few years ago he sold part of his dental business to an associate dentist for around $300,000. So I know it has monetary value. I’m in divorce mediation.
Asked on April 5, 2011 under Family Law, Utah
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
Yes, a business owned by one or both of the parties during the marriage is generally an asset for distribution on divorce. The business has to be properly valued by a professional that does same. Also, you need to determine if his dental license is an asset of the marriage. Professional licenses acquired during the marriage cn indeed be included as an asset for distribution and be part of the equation here. What I am confused about in your question is what happened to the $300K? Was the sale before you separated or after? That is important. I sincerely hope that you have an attorney in all of this and if you are not getting this information from the attorney then I would possibly consult another before you go in to mediation. Good luck to you.
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