Common Issues & Factors in a Doctor’s Divorce
Divorce can become a lot more complicated and stressful for doctors given how much they have on the line. Physicians need to be aware of the steps they can take to prevent or minimize any damage to their professional practice and the implications of divorce when a doctor is involved. While the process for divorce with a doctor is the same as any other, the particular factors of a physician’s practice is what makes the case that much more complex. During doctor divorces there are high dollar amounts at stake, the well being of the practice, and any issues regarding debt and residency. At the Law Offices of Theodore Enfield, P.A., we can provide you with a divorce attorney Boca Raton doctors can trust to protect their interests and careers.
In general, doctors tend to be highly compensated relative to the earnings of their spouses. In divorce cases for professionals with high incomes, a claim for Florida alimony usually occurs. Spousal support is even more common in instances where the spouse of the doctor stayed at home in charge of housely duties and didn’t earn an income. How much and for how long alimony must be paid by doctors in divorce is usually based on the judge’s evaluation of factors such as the length of marriage, the earnings of each spouse and the marital standard of living. The amount decided on will then be subject to supervision in case there is need for modification. If one spouse’s needs increase, income or other circumstances changes, then the amount of alimony awarded may be modified to fit the new circumstances. This lack of certainty often makes it difficult for both parties to plan financial saving, investments and lifestyle.
The value of a doctor’s medical practice is often a point of disagreement in divorce proceedings. The value of a physician’s interest in his/her practice is important because like any other marital asset, it must be allocated. A physician’s interest, or goodwill, is the reputation of the practice that has been established. Assigning value to goodwill can be difficult because personal goodwill can get in the way of establishing commercial goodwill for the business, regardless of which physician is present in the practice. Non-marital components to the practice must be valued separately. Valuation of the practice, including goodwill and equipment, can have a significant influence on how the assets in the practice are divided.
Residency & Debts
Divorce cases for residential physicians are often more complicated on them given that they have the potential for higher earning after training, but they’re income is still very modest. On top of that, there are often still many debts from medical school that residents have. Residents are also likely to be relocated after their training is completed to begin their careers and relocation can be outside of the state. All these factors can leave residential physicians at a huge disadvantage when fighting a divorce. If the other spouse had to work to support the family during a resident’s training, it is very likely that the spouse will want consideration for his/her efforts during divorce. The division of medical student debts and who should pay for them will also be considered.
Importance of a Florida Divorce Attorney
Having an experienced Boca Raton divorce lawyer by your side during a complex divorce is an invaluable resource. An attorney will ensure that everything is handled correctly and fairly right from the start so as a physician, you will not suffer drastic financial consequences or damages to your practice due to the events of a divorce. An attorney can help advise you during the divorce process and protect your rights and future.
Divorce Lawyers in Boca Raton for Doctors
Doctors face a unique variety of complex issues when dissolving a marriage and it can be difficult to defend yourself against them with such a busy work schedule. At the Law Offices of Theodore Enfield, P.A., we can provide you with an experienced and reliable divorce lawyer Boca Raton residents can count on to fight for their particular circumstances.