How a Divorce Attorney Can Help Physicians to Protect Their Practice
Being a doctor means you have chances to build up a fortune even after a few years of practice in this field. Though the recent pass-outs often struggle with student loan payment but established physicians have many extensive and lucrative investments that might be considered as ‘Marital Property’ under laws in several states.
Marriage is not always ‘Lifetime Bonding’. ‘Happily Married’ is a term not applicable to all the couples. A point comes in some couples’ life when parting ways with each other sounds a better idea than living together under the same roof. Though divorce is a welcome move to put an end to a toxic relationship, still you have to undergo a lot of mental trauma during the phase. Adding to the agony is property distribution. For a physician, divorce may impede one’s career that is not going to rebound soon.
A divorce attorney for physicians in Columbus understands your plight like no one else does and scrutinizes the legal challenges encountered by the high-heeled clients. These challenges include the followings:
- Maintaining retirement assets as these are under the scanner for property division during divorce
- Maintaining your business in one piece in order to prevent your spouse from owning a stake in it after divorce
- Maintaining the value of your investments in real estates, bonds, stocks and other assets
Spousal support is a sensitive issue. In Columbus, there are stringent laws that allow judges to provide support to economically dependent or weaker spouses. It actually helps to mellow the unfairness of divorce as the financially weak spouse has to bear the brunt of divorce more than the other party. As the physicians are high-net-asset professionals, they are made obliged to bear a lion’s share of the large support systems sometimes for an indefinite period of time, especially if the spouse works a lower-paying job, does households works and takes care of children at home.
Many doctors borrow a gigantic sum to support their studies. As loans are also divided during divorce, the spouse won’t detest the idea of sharing a part of the loan and taking advice to prevent such a horrible possibility.
If your partner deceives you during the valuation process, you are entitled to sue in order to recover your legal stake.
Dividing a Medical Practice
Whether a medical practice will qualify for a marital asset largely depends on when the practice was begun and its growth during marriage. In some divorces cases, only a part of the practice qualifies for marital property whereas other part is considered separate or individual property.
Doctors have rights to walk out of marriage with their separate property. Keep in mind that all marital properties qualify for equitable distribution.
If a part, even a fraction, of medical practice qualifies for marital property, a physician may lose control of his or her business. Marital property division includes several layers of difficulties whenever the procedure involves a business.
A lawyer closely works with his or her high-asset physician clients to help them retain control of their medical practice. A good lawyer works hard to prevent selling the practice which is a strong possibility in marital property distribution after divorce.