Residents of Hawaii may want to learn about the need for an evaluation of the practice for a doctor going through a divorce. Since many physicians these days are in a group partnership or have another partner, some sleuthing may be necessary to determine a value.
Some important questions
The assets of a doctor in a divorce are important to determine whether their spouse has a claim on profits from the practice. An attorney might ask:
• What kind of entity is the group practice?
• How was it funded?
• Was it established before or after the marriage?
• Is there stock involved?
• Is there any buy/sell agreement?
Tangible financial assets
An attorney versed in family law, with the help of a forensic account, may be able to determine the value of the practice. Financial assets such as furniture, office equipment, the office lease and accounts receivable will be considered as well as liabilities such as insurance, taxes due, loans and retirement plan contributions.
Considerations to remember
A spouse who is not a physician cannot take over a medical practice. They cannot become an “owner” by taking over a share of the practice.
Misrepresentation of income with a divorce forthcoming may a fraud, so it is important that no deliberate misrepresentation occurs. Additionally, partners in the practice must learn of the impending event. In some cases, a divorce can cause problems for the practice.
Uncontested: A worthy goal
Whether your marriage is to a physician or is not, an attorney versed in family law might help you end the marriage smoothly. Divorce that is uncontested might be the goal of the couple and their attorneys. It keeps costs down and helps ensure settlement more quickly. If you and your marriage partner can agree on a settlement of all property and issues, then you may be able to get an uncontested divorce. However, getting on the uncontested track sometimes takes work. An experienced attorney may be a great asset during this emotional time.