Divorcing a doctor in Florida can feel overwhelming, but when you arm yourself with knowledge, the process becomes more manageable. To that end, we’re looking at three vital points to consider when negotiating a dissolution of marriage with someone vested in a private medical practice.
Practice valuations
If the doctor you’re divorcing has a private practice, whether alone or with partners, valuing the asset will become a huge part of negotiations. Whether it was formed before or during the marriage will likely determine if it qualifies as “marital property.” How it was funded and structured will also affect calculations.
It’s vital to remember that money on hand isn’t the only financial consideration when divorcing private-practice doctors. Interested parties must weigh other assets that the business holds, including:
- Account receivables and payroll
- Stock and who holds it
- Furniture and equipment
- Lease or mortgage terms
Furthermore, liabilities, insurance, retirement accounts and taxes all matter when valuing a medical practice. Location and profit forecasting may also impact the bottom line.
Divorce clauses
If multiple partners have ownership interests in a practice, the operating agreement may include a divorce clause that automatically disinvests divorcees to protect the others’ assets. In these situations, the divested party can typically buy back in after the divorce is settled.
Divorce and other asset-allocation clauses can be game changers in a contested divorce. Therefore, it’s crucial to uncover this information early in the process.
Custody considerations
Being a doctor or surgeon isn’t a nine-to-five endeavor, and many medical professionals work way more than 40 hours a week. As a result, the job’s demanding nature may affect child custody agreements.
Some divorces are more complicated than others, and separations involving medical professionals can be particularly complex.