Saving your medical practice during a divorce

On Behalf of | Jul 29, 2022 | Blog, Family Law

Getting a divorce in Boston is more complex when you have a medical practice. The last thing you want is to lose control of your interest in this property. It gets even more complex if you have partners in your practice. They certainly won’t appreciate having to do business with your former spouse after a divorce.

Make sure your practice is properly appraised

Divorce is a subject that can result in a lot of financial and legal disputes. If your marriage is coming to an end, you want to make sure that you will survive the separation with your finances intact. To do this, you’re going to need to get a fair and proper appraisal of your practice. This must be done to ensure that you can keep it.

You can hire the services of a forensic accountant to conduct an accurate appraisal of all of your assets related to your medical practice. Doing so will be crucial because you can count on your former spouse hiring an expert of their own. You need to be sure your evidence is strong enough to stand against theirs.

Advice from experts can save time and money

It will be up to you to make sure that a divorce doesn’t play havoc with your finances. The accountant that you hire should be able to give an accurate appraisal of the various assets at your practice. These will normally include office equipment, furniture, accounts receivable, and financial assets.

The location that your practice is in will have an effect on its valuation. Your accountant will also need to be accurately informed as to how profitable you have been. They will need to have a full and honest account of any liabilities you are dealing with. These are issues that may detract from its ultimate value.

Once your practice has been properly evaluated, you will need to come to an agreement with your former spouse. You may be able to buy out their share of the practice. Giving them a lump sum can allow you to retain control of your practice.