August 31, 2020 | Share
4 Important Divorce Considerations for Licensed Professionals
As a licensed professional, getting divorced presents some unique financial and property-related considerations. If you have children, you will need to think carefully about how best to pursue your desired post-divorce parenting rights as well. In order to make informed decisions, you will need to rely on the advice of experienced counsel, and we encourage you to schedule an initial consultation with one of our McKinney divorce lawyers to discuss your personal circumstances in confidence.
While making informed decisions requires a detailed understanding and assessment of the unique aspects of your professional practice and your divorce, there are some foundational principles that will guide many aspects of the divorce process. With this in mind, here are four important divorce considerations for licensed professionals in Texas:
1. Your Professional License is Not Community Property
As a general rule, assets acquired during a marriage are considered “community property” in Texas. Crucially, however, a professional license is not considered an asset that is subject to division in a divorce. If you have earned a professional license, it is yours to keep, and your spouse cannot claim an interest in your license in your divorce.
2. Your Spouse May Be Entitled to Compensation for Contributing to the Acquisition of Your License
But, while your spouse cannot claim an interest in your license, he or she may be able to claim an entitlement to spousal support or an increased share of your community estate as a result of contributing to the acquisition of your license. For example, if you paid tuition with marital funds, or if your spouse took on additional household duties while you were studying, this could potentially mean that a financial payment or an unequal distribution of community property is warranted.
3. If You Own a Professional Practice, Your Practice May Constitute Community Property
If you are a sole practitioner or you own an interest in a professional practice, your ownership interest in the practice may qualify as community property. For divorce purposes, business interests are treated similarly to other types of property.
If you started or joined your practice during your marriage, then your interest will almost certainly qualify as community property—unless you have a prenuptial or postnuptial agreement that says otherwise. If you started or joined your practice prior to your marriage, then it will be necessary to take a facts-and-circumstances approach to determine to what extent your practice may be on the table in your divorce.
4. You Can Seek Custody if You Work Full-Time
Even if you work full-time as a licensed professional, you can still seek custody of your children in your divorce. This is not an uncommon scenario, and the focus in all custody matters is on protecting the best interests of the children involved. If it is in your children’s best interests for you to have custody, and if you can prove it, then you can absolutely secure custody of your children in your divorce.
Speak with a McKinney Divorce Lawyer in Confidence
If you are a licensed professional in McKinney, TX and you are contemplating a divorce, we encourage you to speak with one of our attorneys. To schedule a free and confidential consultation at a time that is convenient for you, please call 214-726-1450 or request an appointment online today.
Categories: Family Law & Divorce