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Doctors may face unique divorce issues

by | Oct 3, 2022 | Asset Division

Doctors and their spouses to some extent will deal with the same issues as any other North Carolina couple if they are going through divorce. However, divorce in many ways presents some unique issues for doctors.

Doctors may need help dividing their professional practice

For example, doctors who hold a share in a private practice are also small business owners. Like other North Carolina property, the shares in a private professional practice are potentially subject to division in a divorce.

Dividing a professional practice can present complicated issues. For one, the couple may have to consult a qualified financial expert to get a full understanding of how much the doctor’s share of the practice is worth.

Actually dividing the practice can also be difficult, especially if the spouse is not a doctor or has no involvement in the operation of the practice.

Provided they want to keep their practice instead of selling it, the doctor may have to negotiate a way of paying off the spouse with other property.

Doctors face other issues that affect high-net-worth couples

Especially if they have a successful practice, doctors may also be drawing a high income and have lots of different types of assets.

A doctor’s high income will affect a court’s decisions about child support and alimony. It can also affect how a court divides property, especially if the doctor’s spouse makes little income and does not have the same earning ability as the doctor.

With respect to assets, many times, doctors will have what some people refer to as luxury assets, like fine art, collectible cars and the like. They also may have multiple homes and investment accounts.

These types of assets can be difficult to value. Furthermore, when a lot of property is at stake, the chances of disputes between the couple over property increases.

Doctors may want a measure of privacy when going through a divorce

Finally, doctors may be rightly concerned about having their financial and personal details aired in a public courtroom hearing.

After all, doctors depend a lot on their reputations in order to continue getting business.

Privacy is one reason why a doctor may wish to try to resolve their divorce through mediation, as this process assures them a measure of confidentiality.