Albany Degrees, Certifications and Professional Degrees Attorneys
One of the major determining factors in any divorce settlement is the earning capacity of each party. And one of the most important factors in determining someone’s earning capacity is whether or not they have a professional degree, professional practice or any other degree, certification or license. From medical and legal degrees to accounting and other professional licenses, make sure you properly account for the impact of professional degrees and licenses in your divorce.
At the law offices of Maxwell & Van Ryn, LLP, we help clients throughout the greater Albany area properly account for all assets that will impact their divorce, including professional degrees and any other degrees, certifications and licenses. Whether you are a degree holder or going through a divorce with someone who holds a professional license, we can look out for your best financial interest.
How an Any Degree Impacts Your Divorce Settlement
A professional practice of any sort is an asset that has to be considered in the equitable distribution plan in any divorce. The degree and license needed for that practice are also considered assets. They must be properly valued because they represent enhanced earning capacity for one party this includes any degree, license or certification for jobs such as:
- Medical practitioners, including doctors, physicians, nurse practitioners, physician’s assistants, licensed practical nurses, home health care aides or nurses aides
- Plumbers and electricians
- Barbers, hair stylists and cosmetologists
- Engineers and architects
- Truck drivers and other commercial drivers
Any certification is divided that adds value: Certifications and licenses vary between industries but any certification that adds value, can be divided in a divorce. For example, pilots receive higher pay as they move up within an aircraft. With each new rating, in a larger aircraft or to a higher rank in an aircraft, the pilot will receive a raise. This is an industry-specific certification that is not a license or degree, but is still valued and divided in a divorce.
The main concerns regarding advanced degrees, or any degree, certification or license, are the value of the degree to the person who holds it and how much of that value represents a marital asset. You must also consider how much the degree increased the holder’s earning capacity during the marriage. Once you answer those questions, you must determine how to divide it.
We can help you assign a cash value to a given degree, certification or license. We start with the assumption that it will be split evenly between the two parties in a divorce. We represent degree holders and nondegree holders in divorces. No matter which side we represent, our goal is to protect the financial interests of our clients.
Divorce involving advanced degrees often involves other issues inherent in a high asset divorce. Our lawyers also advise clients on the tax implications they may face after a divorce. We can help you understand how the division of marital assets, including advanced degrees, retirement assets and business interests, may be affected by the capital gains tax and other tax issues.
Contact Our Lawyers About Division of Advanced Earnings in Schenectady and Upstate New York
When it comes to professional degrees and enhanced earnings in a divorce, our lawyers can answer any questions you may have and help you find solutions. We serve clients across upstate New York and our Delmar offices offer free parking. Call 518-475-0016 or contact an attorney online today to schedule a consultation with absolutely no obligation.