Special Considerations for Divorce Involving Healthcare Professionals
Divorce may seem to be a one-size-fits-all affair. But for some subsections of the community, there are special considerations to take into account in a divorce or separation. Healthcare professionals are one of those groups. Healthcare practitioners and those who own or operate healthcare practices can face unique challenges in divorce. Below are some considerations to remember:
The Healthcare Practice
Florida statutes govern how marital assets are divided. Some property must be equitably divided between the spouses, while other property may belong exclusively to one spouse only. A healthcare practice, which generally combines many high-value assets and objects in a business that is valuable in and of itself, can present a special challenge for property division. If the practice was developed or purchased during the marriage, the court may be inclined to find a way to divide the total value of the practice between the two spouses, regardless of one spouse’s greater or lesser involvement in it. However, Florida state law does contain a provision for courts to consider awarding an interest in a business or professional practice to only one party. Navigating the fair distribution of a professional practice owned in full or in part by one or both spouses can be a challenge in divorce involving medical professionals.
One of the tasks undertaken by the parties and the court during divorce is the valuation of business and professional degrees. The court may consider how and when one spouse contributed to the other’s acquisition, upkeep, and funding of the degree, why and how a spouse’s career or education was interrupted, and whether one spouse contributed more than the other to the family income as a whole. Determining the worth of a business or professional degree involves understanding the value of the skills contained within it in the workforce, the future potential of those skills and the degree, and other abstract predictive measures generally undertaken through economic or accounting models.
In divorce, individuals are often required to submit detailed financial and personal documents to the court for adjudication. Divorce can also pose challenges for individuals who rely on reputation in order to be successful in competitive career fields or in building their businesses. These challenges are amplified for healthcare professionals. Aside from possessing sensitive information regarding their patients and practices, healthcare professionals base their careers in their reputable standing and favorable word-of-mouth recommendations, both of which could be affected by divorce proceedings.
Divorce can be a time-consuming and stressful process. If you are a healthcare professional considering divorce or separation, you may be wondering how you will be able to navigate these and other issues in conjunction with your busy schedule. If you are pursuing a divorce and your healthcare career does not allow you to take time off for personal issues, consider contacting experienced family law firm Schwartz | White in Boca Raton at 561-391-9943. Not every law firm has experience in navigating the intricacies of divorce affecting healthcare professionals. Contact the firm that does.