When you are going through a divorce and are a physician in Texas, there are many considerations. You may be part of a group practice that was started before you married your spouse. Although statistics show that the divorce rate among doctors is lower than in other professions, you may be one of those in this position.
According to financial experts the most important financial asset is the physician’s practice. There are several factors that receive consideration.
The type of practice
It may be a solo practice, group or partnership. If both you and your spouse are doctors, that will affect the outcome.
When the marriage occurred
If the founding of the practice was before the marriage, that will be a factor. If the practice began during the marriage, that will also be a consideration.
The way that the practice had funding and whether there are existing obligations will receive consideration. Evaluated are these financial factors and more for the purpose of division during a divorce.
Stock and buy/sell agreements
Future stock options issued to practitioners, profit-sharing plans or future vesting of stock may all have an effect on divorce outcomes. Determination of present and future finances for the practice come into play.
Intangible and tangible assets
Tangible assets, such as furniture, office supplies and computers, leasing agreements and even goodwill, an intangible that comes with your practice, are important. Insurance, taxes, retirement plans and other financial assets will also be considered.
A non-physician spouse
A spouse who is not a doctor cannot own a medical practice. They may not take over a medical practice as part of the divorce settlement. You should also be aware that it is fraud to misrepresent income and assets as a future divorce becomes evident.
Physicians who are going through divorce may have many special considerations. Affected in their divorce are the practice’s tangible and non-tangible assets.