No one ever expects to get divorced, but it can happen. If you are a medical professional, you may worry about what will happen to your practice during and after a divorce. How will you make sure that your patients continue to receive the care they need? How will you ensure that your business doesn’t suffer?
Have an exit strategy
This means having an agreement with your spouse about who will be responsible for the practice if you choose to dissolve it. It should also include provisions for the division of assets and liabilities, as well as any arrangements for shared ownership.
Get a business valuation
Getting a professional business valuation is critical in determining the actual value of your practice and how it should be divided in the divorce. This will help ensure that you are getting an equitable share of any assets. To get an accurate valuation, you may want to hire an experienced accountant or business appraiser.
Create a trust fund
Establishing a trust is another way to protect your practice during and after the divorce. A trust will allow you to maintain control of the assets while providing financial security for both parties involved. This can help prevent any disputes over ownership in the future.
Consider mediation
Mediation can help both parties come to an agreement that is fair and equitable without going to court. Everyone involved will be able to voice their concerns and work together toward a resolution. Plus, it’s usually faster than litigation, which means you can move on with your life sooner rather than later.
Keep records separate
It’s important to keep all financial records for your practice completely separate from any other shared accounts. This will help ensure that you have all the evidence you need if there is a dispute over ownership of the practice during or after the divorce.
While divorce can be a difficult process, it’s possible to protect your medical practice in the process. With the right preparation, you can come out on top and continue to provide excellent care to your patients during this time.
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