Financial Issues and Physician Divorce
Being a doctor tends to be a well-compensated profession. Although new doctors often labor with crippling student loan debt, more established doctors usually have extensive investments, any of which might qualify as “marital property” under Ohio law.
Divorce can impede a person’s ability to start a new practice, move, or retire when they want to. At our firm, we understand the unique legal challenges that confront high net-worth clients:
- Preserving retirement assets, which might be subject to division during divorce
- Maintaining the value of investments, including real estate, stocks, bonds, and other assets
- Keeping your business in one piece so that your spouse does not own part of it after divorce
There is also the sensitive issue of spousal support. Ohio law allows a judge to award support to one spouse to help mitigate the unfairness of the divorce. With many physicians, one spouse works and the other stays home with the children or works a lower-paying job. In this situation, the higher-earning spouse could possibly end up paying large support payments, sometimes indefinitely. It is vital to hire an attorney who can make a compelling argument on your behalf.
On the other hand, many doctors have gigantic student loans or debts they took out to fund their business. The spouse who is not a doctor wants to ensure that he or she does not take over this debt, which also gets divided in a divorce.
If one partner defrauds the other during the valuation process, the defrauded partner can later sue to recover their lawful stake. This, however, is not ideal. Such lawsuits can take years to reach agreements and are very costly. The best road forward is to insist that the business is accurately appraised during the divorce to ensure that your stake is protected. If you need assistance, it is in your best interests to contact a high asset divorce lawyer for immediate help.