Protecting Professional Practices in an Ottawa High-Asset Divorce

When you have spent years building a successful practice as a physician, dentist, accountant, financial professional, or other high-status career, it feels unfair for an ex-spouse to take half of it in a divorce. This is why you have to take steps to protect your business from losing a sizable portion to a broken-down marriage. You worked hard to build your practice, so you must protect it fiercely.

With the help of our high-asset divorce lawyers at The Riley Divorce & Family Law Firm, we could find ways to keep your business operational and protect your interests. Our lawyers have experience with protecting professional practices in an Ottawa high-asset divorce and could provide insightful legal guidance, support, and representation. Contact us to schedule a consultation today. We are available 24 hours a day to assist you.

Steps to Protect a Practice From the Impact of a Divorce

No one deserves to lose a large share of their business to marital dissolution. Thankfully, some measures could be put in place to protect your practice. These include:

• Working with professionals to ascertain the market value of the practice
• Referring to the terms of prenuptial or postnuptial agreements, if there are any
• Closing out or separating joint accounts to avoid the misuse of available financial assets
• Negotiating with the spouse by offering alternative assets or settlements in exchange for keeping the business running
• Engaging the services of high-asset divorce lawyers experienced in handling sensitive and complex matters that involve professionals
• Implementing security measures to protect clients’ private information and avoid data leaks that could put the practice in a difficult position

Since the province’s Net Family Property doctrine guides property division in high-net-worth divorces, spouses need to establish their personal assets and plan for equalization payments. This is crucial if the business or parts of it are considered marital property. With the help of our Ottawa lawyers who know how to handle and resolve marital separation disputes between high-net-worth professionals, the practice owner could go through the divorce proceedings without losing their business.

What Are Some Key Considerations When Going Through a Divorce?

High-net-worth professionals filing a marital dissolution in Ottawa need to take certain things into consideration to protect their practice, with the first being their privacy and reputation. In small professional communities and disciplines, reputation is very important and can take years to build. A scandal in the form of a divorce can wreck the years of work that you put into building your practice, so you need to take steps to protect your reputation. Exploring alternative, non-litigious options for dispute resolution, such as mediation or collaborative divorce, could help keep your divorce private and out of public court proceedings, allowing the practice to continue running without any issues.

Secondly, it is important to avoid engaging in what is known as unconscionable acts. Examples include hiding business assets or income, intentionally undervaluing the practice, or withdrawing necessary financial support from a dependent spouse, particularly if they gave up their career to support the family. From the court’s perspective, these are harmful or pernicious acts that could be penalized.

Contact an Ottawa High-Asset Divorce Lawyer for Help Protecting Your Practice

Divorce proceedings involving professionals and practitioners require experience and familiarity with the nuances of these cases. At The Riley Divorce & Family Law Firm, our lawyers have the skills needed to protect professional practices in an Ottawa high-asset divorce. Contact our office today to discuss your situation.