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Protecting your medical practice after a divorce

On Behalf of | Jun 27, 2023 | Divorce

The end of your marriage in Ohio can expose you to much uncertainty. This will certainly be the case if you are a medical practice owner. You may well be concerned about the future of your practice and its continuing value. Your mind may be troubled by questions concerning the ownership of your course and how your assets will be affected.

A forensic accountant can shed some light

Divorce can be a very complex and contentious situation for a medical practice owner. One of the best ways for you to take stock of things is to hire the services of a forensic accountant. This specialist will examine all of your assets with an eye toward their continuing value.

An accountant will take note of all of your physical and intangible assets. These may include your accounts receivable, office equipment, office furniture, and the property lease. They will also help you to evaluate and preserve the level of goodwill that you have with your patients. This can help you to preserve your unique brand.

The accountant that you hire will also help you realistically evaluate all of your various existing liabilities. These may include your due taxes, insurance costs, and the amount of your contributions to loans or retirement plans. The final matters to consider will be where your practice is located and how profitable you have been.

Can a former spouse take over your practice?

Negotiating a business divorce is a tricky proposition. One of the biggest fears you may have is losing your practice as part of a court-enforced settlement with your former spouse. You may also dread having to welcome them as an unwanted co-owner.

However, you should know that, in many jurisdictions, a non-physician can never legally own a practice or employ a physician. They are also barred from becoming any co-owner or associate. The divorcing parties will therefore need to come to a settlement or allow the court to decide for them.