If you are a physician or married to a physician in Oklahoma and about to get divorced, one of your major concerns will probably be how the divorce will affect the physician spouse’s medical practice. Figuring out the worth of the medical practice and the role it will play in your divorce can be a complex process, and you might want to enlist financial and law professionals who are familiar with this type of situation to help you prepare.
Determining the worth of your practice
Before you even begin the divorce negotiations, you need to determine the worth of the medical practice. Some of the factors you and your team of professionals should consider include:
- The type of funds used to begin the practice
- The type of entity the practice belongs to
- When the practice was established
- Any stocks issued to the practice members
- Any stock that might be issued to the physician after the divorce
- How profitable the practice has been
- Any buy/sell agreement between the members
- The value of the assets and liabilities such as furniture, equipment, insurance, loans and lease agreements
Rules affecting medical practices
Another factor to consider is who can own the medical practice. If your spouse is not a physician, they cannot own a medical practice in most states. Therefore, the divorce negotiations will focus on financial compensation for the worth of the practice. If the two spouses cannot arrive at a fair agreement for this compensation, the court might decide for them. In many cases, both parties will have experts testify about the medical practice’s worth and performance, which can also affect how long the divorce takes and its costs.
A divorce involving a medical practice will often become a complicated negotiation and might result in a court battle. Being prepared will help ensure your interests are protected.