In California, divorce is usually a difficult process for everyone involved. It can be especially challenging when there’s a medical practice involved, and it’s marital property. The good news is that it’s possible to get a desirable outcome if you find yourself in this situation.
Determine the value of the medical practice
One of the first steps in divorce is to determine the value of the medical practice. This will help you and your spouse agree on how to divide assets. You’ll need to hire a valuation expert who can assess the worth of the business. You can use this information to negotiate a fair settlement.
Decide whether you want to keep the medical practice
If you and your spouse decide to keep the medical practice, you’ll need to negotiate a new agreement. This will include who will be responsible for what duties within the business and how the profits will get shared. You may also need to update the business’s insurance policies and employee contracts.
Sell the medical practice
If you decide to sell the medical practice, you’ll need to negotiate a sale agreement with your spouse. This document will outline how the proceeds from the sale will be divided between you and your spouse. You’ll also need to work out a transition plan for the medical practice. This will ensure that there’s no interruption in inpatient care.
Buy out your spouse’s interest in the medical practice
If you and your spouse decide to go our separate ways, you may want to buy out his or her interest in the medical practice. This can be a complex process, so you may need to seek legal counsel. You’ll need to agree on a price and come up with a payment plan. This option can be costly, but it may be the best way to ensure that the medical practice remains stable during and after divorce.
If you’re considering a divorce and have a medical practice, it’s important to understand the process and your options. No matter what route you decide to take, however, remember to have a clear plan in place. This will help minimize the stress associated with divorce and protect your medical practice.