Getting a divorce is a challenging process. However, if you have a medical practice, this complicates the situation further.
As a medical practitioner, one of the worst things may be the thought of losing what you have worked to build. Understanding the law and your rights will help you know your options regarding your medical practice in a divorce.
A proper appraisal is necessary
The divorce process is riddled with the potential for countless disputes. If you are ending your marriage, you want to ensure you get the best possible outcome for your life and finances.
One part of achieving this goal is to have your medical practice appraised. The valuation of your practice should (in most cases) be handled by a forensic accountant who knows the factors that go into this determination. It’s necessary to account for all assets and liabilities when determining the practice’s valuation.
If your medical practice is a significant asset or considered highly valuable, your spouse may have a separate professional and valuation done. It’s up to you to provide evidence that shows your valuation is accurate.
Your rights as a physician
Your non-doctor spouse cannot take over your practice. Instead, they must receive their fair share of the value. This is the main reason that the proper valuation is so important. Sometimes, the valuation comes down to a battle of experts. Because of this, you need to ensure the person hired to provide your valuation has experience with this and an impeccable reputation.
The valuation of your practice will determine what it takes to buy out your spouse. Once you have the valuation, you can decide how to move forward. Knowing your legal rights and options is the best way to protect the practice.