What should you do with your medical practice in divorce?

On Behalf of | Sep 16, 2022 | family law |

If you’re getting divorced in New Jersey, and you and your partner own a medical practice, there are some things you’ll need to consider. A medical practice is typically a significant asset and is often the primary source of income for a couple, which means that you’ll need to be smart about how you handle it in your divorce.

Sell it and split the proceeds

If you and your partner are on good terms, you may be able to agree to sell the medical practice and split the proceeds. This can be a good option if you’re both ready to move on and start fresh. The first step, however, is to get a valuation of the practice. This will help you determine how much it’s worth and how to split the proceeds fairly. Next, you’ll need to find a buyer who is willing to pay the asking price, negotiate the sale and then split the proceeds between yourselves.

Buy out your partner

If you’re the one who wants to keep the medical practice, you may be able to buy out your partner’s share. Again, this may require a valuation of the business and some negotiation, but it can be a good way to keep the practice in your hands. Once you’ve reached an agreement, you’ll need to draw up a contract and have it legally binding.

Continue to run it together

In some cases, couples are able to continue running their medical practice together, even after the divorce. This can be a good option if you’re both committed to the business and you’re able to work well together. Of course, this may not be possible for everyone, and it’s important to make sure that you’re both on the same page before making any decisions.

Whatever you decide to do, make sure you communicate and stay on the same page. With some careful planning, you can ensure that your medical practice doesn’t become a source of conflict in your divorce.