Divorcing as a Medical Professional: What to Consider
Divorce is hard for everyone, and that includes doctors and other medical professional who also have do to one of the most difficult jobs every day. For medical professionals, divorce functions very much the same way as it does for everyone else. The crucial difference is that medical professionals are often considered of a higher value in divorce because of how much they make and the special assets they can gain during a marriage. This means that medical professionals need to work closely with their lawyers to protect their important assets from the ravages of a divorce.
Divorce and Medical Practices
If you created your practice during your marriage, then the state will consider it part of your marital assets. This means that it will also be subject to valuation in the divorce and possibly even division. Most medical professionals don’t feel very comfortable having an ex-spouse with a vested interest in their practice, so it is often recommended to offer up other marital assets in exchange for the value of the medical practice.
Unfortunately, your spouse is entitled to assets of equal value to the practice, and if it is a successful one, you may be left with very little else in exchange. For medical professionals, this can make the first few months after a divorce very difficult as they try to financially recover since the illiquid nature of a medical practice doesn’t exactly pay the bills. However, retaining ownership of your own practice is beneficial in the long run.
The Spousal Support Responsibility of Medical Professionals
Many medical professionals in Minnesota often make a substantial income, enough for their spouse to stay home and care for the family. If this is the case, then the non-working spouse will often ask for and receive spousal support. However, contrary to the popular belief, spousal support need not be a permanent payment. The courts will examine the length of the marriage, the medical professional’s income, and the likelihood of the spouse returning to work before deciding how much to award. As for how long a medical professional will need to pay, it will be suspended when it is deemed the ex-spouse has a job that allows them to support themselves or if they should remarry.
Making Agreements for Custody
Custody is often one of the most difficult aspects of any divorce for couples that have children. As medical professionals are often prone to working long and occasionally unpredictable hours, the courts may not see it fitting to award primary custody to them. However, alternatively, they often make a substantial amount and could be seen as better set to care for children.
However, it is crucial that in a divorce both parents always consider what is truly best for a child. Divorce is often stressful enough on children as it is, so parents may want to limit the change in their life as much as possible. This may mean trying to keep them in the same school and doing the same activities that they normally do. Getting custody shouldn’t be considered “winning” over a spouse, but rather as what is truly best for any children. That being said, medical professionals will also need to be willing to make both personal and professional sacrifices if they are the primary custody holder or to adhere to parenting time schedules.
Are you a medical professional going through a divorce in the Minneapolis area? Then you need a lawyer by your side that is experienced in high value and complicated divorce cases. If you want to protect your fair share of the marital assets, contact us today to discuss your upcoming divorce with the attorneys at Beckman, Steen & Lungstrom.