Establishing an independent medical practice is the lifelong dream of many physicians. Many people who commit to medical careers do not want to work as employees at corporate hospitals or medical practices. Instead, they may want to start their own independent health care practices where they can pursue their passion and serve the local community in a way that aligns with their values.
If a physician who owns and operates an independent practice is on the cusp of divorce, they may worry about the future of the medical organization they operate. What do Murfreesboro physicians need to know about running a medical practice during a divorce?
Management and ownership may need to change
It is relatively common for those running their own practices to rely on family members for support services. The physician running the practice may have hired their spouse to handle medical billing or scheduling.
In some cases, they may need to make arrangements to transition their spouse out of that role to employment at a different company. Other times, they may need to negotiate very thorough contracts that protect them and the practice during and after the divorce. They may also need to communicate about any changes with other members of their staff.
They may also need to prepare themselves for buying out a spouse. Even if the practice is solely in the name of the physician, their spouse may have a partial interest in the business due to the investment of marital resources in the practice.
Maintaining consistent operations is important
High-asset divorces tend to come with high levels of conflict. In scenarios where one spouse runs a business, the other spouse might accuse them of financial misconduct. A sudden reduction in the volume of patient appointments, for example, could look like an attempt to artificially deflate the value of the business and manipulate the outcome of financial proceedings in the divorce.
Physicians who run their own practices generally need to continue committing the same amount of time and effort toward the practice during the divorce as they did before. They may also need to begin gathering records that can help them establish a realistic business valuation. The value of the business can influence everything from property division decisions to the possibility of paying alimony or spousal support.
Optimizing personal protection as a physician facing a high-asset divorce can be a challenging prospect. Professionals who secure support as they begin preparing for divorce may improve their chances of a sustainable and fair outcome.