Expert Legal Representation for Physicians Going Through Divorce
There’s a common assumption that physicians face a high divorce rate due to their demanding schedules and stress levels. However, there’s limited large-scale research to support this claim. Recent statistics suggest a drop of over 25% in the divorce rate among physicians since past studies. While previous research primarily focused on small sample groups or specific institutions, it’s crucial to examine divorce rates among physicians based on individual specialties. For instance, surveys have indicated that psychiatrists and surgeons tend to have higher divorce rates compared to other specialists. If you’re a physician contemplating divorce and need legal guidance, reach out to the Law Office of Bryan Fagan, PLLC.
Call us at (281) 810-9760 to set up an appointment today.
Are Divorce Cases Different for Physicians?
Occupation generally doesn’t significantly impact divorce cases. However, for physicians who own medical practices, there’s a crucial difference. Without a premarital agreement, your spouse may be entitled to a portion of your practice’s value in a divorce—not the practice itself but its value.
Equitable Distribution
Equitable distribution can complicate matters regarding medical practices during divorce proceedings. This aspect of divorce determines what property is communal and what is separate. Communal property includes earnings and debt accumulated during the marriage, as well as assets purchased or earned jointly. Separate property comprises assets owned before marriage or acquired post-divorce, including gifts and inheritances.
Division of a Medical Practice
Even if you established your practice before marriage, it’s subject to division during divorce if acquired during the marriage. Calculating the practice’s value is crucial for equitable division, often involving a business valuation. This process distinguishes between tangible (physical assets) and intangible (intellectual property, goodwill) assets. Goodwill, which encompasses referral business and reputation, can be challenging to quantify but significantly impacts the practice’s value.
Standard Methods of Division for a Medical Practice
Many divorces involving physician-owned practices are settled through buyouts or structured payment schedules. Settlements may also involve distributing other assets like real property. Every case varies, and spouses may have different expectations regarding the outcome.
What Else Is Subject to Equitable Distribution?
Assets subject to equitable distribution include pension plans, earnings, and retirement accounts. Profits earned during the marriage, even from a separate medical practice, are subject to distribution. Pension plans, in particular, require meticulous division and legal advice.
Considerations for Physicians
Physicians going through divorce should maintain detailed financial records and seek assistance from accountants or fiduciaries to evaluate practice value. Experienced attorneys can offer invaluable guidance in protecting practice assets and entitlements.
Helping Physicians File for Divorce in Huffman
Whether you’re a physician seeking divorce or the spouse of a physician, trust the Law Office of Bryan Fagan, PLLC, for exceptional legal representation. Attorney Fagan is an elected member of the College of the State Bar of Texas, and our firm is accredited by The Better Business Bureau. Contact us today to consult with an experienced attorney.
Contact the Law Office of Bryan Fagan, PLLC, today.
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