Professional Practice
A professional practice is a business built around a licensed professional's services—such as a law firm, medical or dental office, accounting practice, or consulting business. In a Florida divorce, a practice started or grown during the marriage is usually a marital asset that must be valued and divided. Valuing it can be complex because much of its worth may be tied to the owner's personal reputation and skill ("goodwill").
Last updated June 21, 2026
Legal Definition
A professional practice is a service enterprise owned by a licensed individual; in equitable distribution under F.S. §61.075, the marital portion is subject to valuation, which in Florida generally includes enterprise goodwill but excludes purely personal goodwill attributable to the practitioner's continued individual efforts.
Example
The couple hired a business appraiser to value his dental professional practice before negotiating the property settlement.
Related Statutes
- 61.075
Related Terms
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