Going through a divorce is tough in Washington, no matter what the circumstances are. It can be an emotionally charged and difficult time for everyone involved. When you’re a medical professional, though, there are some additional considerations to take into account if you jointly own a medical practice.
Potential for conflict of interest
You and your spouse may have different ideas about how to run the medical practice, which can lead to conflict. In other cases, one spouse may feel that they are being unfairly burdened with work or responsibility. To avoid potential conflict, it’s important to have a clear understanding of your roles and responsibilities within the practice as well as how decisions will be made.
Division of assets
If you jointly own a medical practice, it will be considered an asset in your divorce. This means that it will need to be valued and divided between you and your spouse. To begin with, you’ll need to hire a professional appraiser to determine the fair market value of the practice. Once you have a value, you and your spouse can decide how to divide it.
Impact on employees
Your divorce may have an impact on your employees, depending on how involved your spouse is in the medical practice. If you and your spouse decide to sell the practice, for example, your employees may be affected. In other cases, if there is a conflict between you and your spouse, it may spill over into the workplace and affect morale.
Continued operation of the practice
If you and your spouse decide to continue running the medical practice together, there are a few things to keep in mind. First, you’ll need to establish clear boundaries and communication protocols. It’s also important to agree on a plan for making decisions and handling disagreements. Finally, you’ll need to prepare yourself for the possibility that one of you may want to sell the practice in the future.
Although divorce is never easy, these tips can help you navigate the process if you jointly own a medical practice. By understanding the potential impact of divorce on your business, you can be better prepared to protect your interests and maintain a successful practice.