If you own a medical practice, it may be considered part of your marital estate. Therefore, it’s possible that it will be subject to Oklahoma property division laws if your marriage comes to an end. There are many questions that you are encouraged to ask yourself prior to getting divorced to determine if this is true in your case.
When was the practice started?
In the event that the practice existed prior to the start of your marriage, it may be considered a sole asset. It’s also possible that only the asset’s appreciation during the marriage will be considered part of the marital estate. For example, let’s say that it is worth $1 million more today than it was on your wedding day. In this scenario, only that $1 million would be vulnerable to being divided with your spouse as part of a final divorce settlement.
Who owns the practice?
If you own less than 100% of the practice, only your stake in the business may be included in a final divorce settlement. However, this may not be true if there is a buy/sell agreement in place. In such a scenario, the agreement may stipulate when you could sell your stake and who may be eligible to buy it. It’s also worth noting that only those who are medical professionals can own a stake in a medical facility.
Regardless of what you have, it’s a good idea to obtain as many documents as possible prior to a divorce. Doing so may make it easier to determine what you may be entitled to keep and what you may be entitled to receive in a settlement. It may also make it easier to determine if you should receive alimony or other financial assistance from your estranged spouse.