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Negotiating a physician practice before a divorce

On Behalf of | Feb 25, 2022 | blog, family law |

Getting divorced in Hamilton, New Jersey, is often difficult. If you are a physician, you have even more to worry about. You need to make sure that your practice isn’t one of the assets that you lose. Here are some tips on how to avoid this calamity.

What is the value of your practice?

When a physician files for dissolution of their marriage, this practically guarantees the prospect of a high-asset divorce. The value of your medical practice as a financial asset will immediately be a matter of the highest significance. It will be up to you to do all that you can to protect it.

The majority of doctors belong to a partnership or group practice. This will help to lessen the possibility of you losing your practice due to an adverse divorce settlement. However, the value of your part in the practice will still need to be considered. You can hire a forensic accountant to gauge its value.

How can you keep your practice?

You will need to be upfront about the assets that you possess. Any attempt to conceal them or misrepresent their value can result in an adverse judgment against you. It should also be kept in mind that your former spouse will very likely hire a forensic accountant. You will need to prove that your own figures are correct.

This is not the kind of legal proceeding that you want to enter into without expert aid. You will require financial and legal assistance. The key will be to get your share of the practice valued at the correct amount. You can then negotiate a settlement that will satisfy the needs of all parties involved.