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How can divorce affect your medical practice?

On Behalf of | Jun 16, 2022 | Divorce, Property Division

Getting divorced in Massachusetts can be an extremely complex affair. If you are a physician with partial ownership in a medical practice, it can get even more contentious. The divorce process that should involve only you and your spouse may now be an issue that involves your practice partners.

Many legal questions need to be answered

There are a number of legal issues affecting your practice that need to be resolved before you can officially divorce. This will be done in order to minimize the potential for the loss of your share of the practice.

What happens to the practice can depend on such matters as the exact type of corporate entity your practice was formed under. Certain forms offer more protection against the loss of property or income that can result after a divorce settlement. It also matters whether the practice was formed before or after you were married.

Perhaps the most crucial issue will revolve around whether or not there is any kind of ownership or stock arrangement that your former spouse can gain access to. If this is the case, you can consider trying to buy them out so that this won’t become an issue after your divorce.

Try to resolve the matter before going to court

It’s not typically a good idea to leave a critical decision regarding the end of your marriage in the hands of a court. Since they don’t know either party, they may issue a judgment that is legally correct but doesn’t really fit the needs of anyone.

It can be more beneficial to come to a settlement before your divorce proceedings reach the court. This will be all the more true if you live in an area where a former spouse cannot legally be made a co-owner in your practice.