Claremont Medical Doctor Divorce Lawyer
A recent study reported in the British Medical Journal found that, contrary to popular belief, physicians are actually less likely to get divorced than are members of other professions, including lawyers, nurses, and other health care professionals. That being said, all healthcare professionals do face unique challenges in their marriages, and the overall U.S. divorce rate remains high. Medical doctors going through divorce face unique legal challenges that require studied, savvy legal know-how.
The experienced and professional Claremont divorce attorneys at Blasser Law are well-versed in the complexities inherent in medical doctor and other high-asset party divorces. We understand the challenges of physician divorce, from dealing with complex assets to protecting professional reputation. If you are involved in a medical doctor divorce in Los Angeles or across Southern California, call Blasser Law today to protect your rights, your finances, and your family.
Complexities in High-Asset Divorces
Divorces involving physicians and other high-net-worth individuals carry additional complications. Rather than merely dividing bank accounts and a house, high-asset couples are likely to have a number of more complex assets to account for. Parties likely have retirement accounts, business ownership, equities, various types of debts, residential and commercial real estate, and accounts located in various places established for various reasons. High net worth divorces often require the assistance of forensic accountants and other experts to (1) locate all assets, including hidden assets and overseas accounts; (2) determine the actual value of complex assets such as ownership of a business; and (3) determine an appropriate way to divide community property.
If you or your spouse have significant assets and you are facing the prospect of divorce, make sure you have a sophisticated and savvy high-asset divorce lawyer in your corner. You want to make sure that your finances are protected and your assets appropriately valued, and that your spouse is not shielding anything from discovery and distribution. The high-asset divorce team at Blasser Law is ready to help.
What Happens to the Medical Practice in Divorce?
One of the chief concerns of medical doctors approaching divorce is determining what will happen to their medical practice. California is a community property state, meaning that all assets and all debts acquired from the date of marriage to the date of filing for divorce are marital assets that should be divided equally. Property can be protected by a prenuptial agreement, but absent such an agreement, all acquired assets are fair game.
If a doctor established a medical practice after marrying, then the financial value of the practice, or the increase in the financial value of the practice during the marriage, is likely to be incorporated into the property division. Depending on the circumstances, the physician may find that 50% of the value of the practice is subject to distribution to the other spouse. Even if the practice was established before the marriage, the increase in value to the practice gained during the marriage is likely to be treated as community property, especially if the other spouse sacrificed a career to take care of the home or otherwise further the physician’s career.
The medical practice will need to be valued by a proper valuation expert. Then, the portion of the practice’s value attributable to the marital estate will need to be established (i.e., 100% if the practice was established after the marriage began, or the increase in value that occurred during the marriage if the practice was pre-existing). The spouses and the court will then need to determine how to divide the practice. Assuming the other spouse is not also a doctor, it is likely that the physician will retain ownership, but the other spouse will be entitled to a share of the community property equal to their share in the value of the practice.
Call Blasser Law in Claremont for Knowledgeable Medical Doctor Divorce Lawyers
If you are considering divorce and are facing high-asset property division issues, it is worthwhile to choose an attorney experienced in dealing with high-net-worth individuals and the associated complex issues. In Los Angeles, call Blasser Law at 877-927-2181 to speak with a knowledgeable and dedicated high-asset divorce attorney.