If my wife opened a law firm during our marriage, am I entitled to half the profits at the time of divorce?

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If my wife opened a law firm during our marriage, am I entitled to half the profits at the time of divorce?

The firm has profits.

Asked on July 7, 2011 under Family Law, Texas

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

You need to speak with an attorney in your area on this matter.  I can tell you that in many states, New York included,  a professional license is considered to be marital property for distribution in a divorce.  By the profits of the law firm I assume that you mean her salary that she draws or as general income from the practice? Money earned during a marriage is also considered to be marital property.  I am making the assumption here that the license was acquired during the marriage.  If not then it may be viewed differently.  The profits, though, should be considered marital income.  If she is in a partnership then there could be other issues involved.  But the entire matter would be valued by someone who does that in divorce cases.  Good luck.


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