Many doctors throughout the New York area may be experiencing troubles in their marriages or may even be at the beginning stages of a divorce or separation.
While no doubt there will be a lot racing through the minds of these people, and one concern could include what might happen to a medical practice they have worked for years to build up.
Medical practices are subject to division during a divorce
Like other assets, the worth of a physician’s medical practice, or her share of it, is subject to division in a divorce.
As New York divides all marital property equitably, the bottom line is that the judge will split the value of the medical practice in a manner that, in the judge’s view, is fair to both sides.
Of course, the couple is also free to reach an agreement between themselves about how to divide the practice.
Valuing a medical practice correctly is important
One of the big questions will be how much the medical practice is worth since the dollar value of the practice will also determine the share of each spouse.
Putting the correct value on a practice may require the help of an accountant or an appraiser; however, it will also be important to convince that she should accept the accountant or appraiser’s opinion.
Practically speaking, how do I divide my practice?
There is also the difficulty of knowing exactly what to do after a doctor knows how much he owes his spouse. After all, especially if the spouse is not in the medical profession, actually handing over shares in the practice might be impractical.
A doctor may need some legal assistance with negotiating some other means of property division. For example, he could choose to take out a loan to buyout his or her former spouse or may choose to trade other property in exchange for his medical practice.