Owning a medical practice in Maryland comes with plenty of responsibilities, and it can also be a major source of stress if your marriage should come to an end. In this case, you may find yourself worrying over the loss of your practice. To ensure you have the best outcome, you will want to do the following.
You’ll have to decide what to split
One of the most agonizing aspects of a divorce will be deciding just how to split up all your various assets. This is particularly true in the case of medical practice.
Your spouse may insist on hiring a forensic accountant to go over the books and take stock of your practice. They will make an exact accounting of items such as your office lease, accounts receivable, furniture, office equipment and other materials used to run the practice. This is a request that may come backed up with a court order.
This accounting will be conducted in order to ensure that your spouse gets their rightful share of the assets. You should also consider any stocks or shares that you own in connection with the practice. If you have partners, they should be informed of any changes that may take place due to your divorce.
You can buy out your former spouse
In many areas, it is illegal for someone without a physician’s license to own any kind of medical or dental practice. This means that a non-medical spouse cannot take over a practice and operate as an owner or partner.
You will need to come to a financial settlement that is based on the value of the practice. You and your former spouse can craft this settlement via mediation.
Once you agree to buy out your former spouse, you can make the transfer of assets final. This will enable you to keep your practice while paying your spouse an amount they feel satisfied receiving. The evaluation should be done by an expert in order to avoid any future accusations of “lowballing”. Sealing the deal will close this chapter so that you can continue with your career.