3 Unique Considerations for Divorcing Physicians

 Posted on August 21,2024 in Divorce

Although every divorce has unique aspects, when those with professional careers divorce, there can be a few added layers of issues to consider. Physicians typically lead extremely busy professional lives, which can make it more difficult for them to have healthy marriages. When both spouses are physicians with tight schedules the divorce process can be extremely challenging. It can even be difficult for both spouses to show up for scheduled divorce appointments.

If you, or both you and your spouse are physicians, you need a very tailored approach to your divorce. Your North Aurora, IL divorce attorney from The Law Office of Matthew M. Williams, P.C. will represent your interests in court and handle all the divorce proceedings except those you must absolutely show up for. We will make the process easy and comfortable for you while aggressively fighting on your behalf to ensure the process is equitable in every way. There are many special considerations for physicians, and we will help you sort through each one.

What Happens to a Medical Practice During a Divorce?

A medical practice must be fiercely protected during a divorce. Illinois follows equitable division of assets rather than community property laws. Community property states split all marital assets exactly down the middle, regardless of any extenuating circumstances. Equitable division states divide marital assets fairly, but not necessarily equally, as they factor in many different issues. Whether a medical practice will be deemed marital property depends on several things, such as:

• Whether there is a pre or postnuptial agreement that specifically excludes the medical practice from being considered a marital asset
• Whether the practice was in place prior to the marriage
• Whether the practice grew in value during the marriage
• Whether the medical practice was established after the marriage occurred

If the medical practice was in place prior to the marriage, then the worth at the time of the marriage will be compared to its current worth. If the practice is worth $200,000 more than it was at the time of the marriage, then that $200,000 can be subject to marital asset division.

What About Student Loans for Medical School?

While doctors make a significant amount of money, they also carry one of the highest student loan debt loads. If all or part of the student loan debt was taken on after the marriage, then it is subject to division of debt between the parties. If both spouses are physicians, they might agree to be responsible for their own student loan debt.

Even if the student loan debt was taken out prior to the marriage, at least some of it could be considered marital debt. This is because without the debt, there would be no medical degree, and without a medical degree, there might not be the same level of income. Significant medical school debt can also affect spousal support, child support, and asset division during the divorce.

Long, Inconsistent Work Schedules of Physicians Can Impact Child Custody

Since most doctors work long hours and certain medical specialties are on call virtually all the time, custody and visitation decisions can be extremely difficult. If both parents are physicians, while they might be more understanding of one another’s schedules, it will take some significant finessing to reach a workable allocation of parental responsibilities. Custody decisions and parenting plans must detail which parent will take the children to school or daycare, who attends after-school events, which parent spends time with the children on weekends, who takes them to the doctor, and much more.

Contact a Kane County, IL Divorce Attorney Who Can Guide You Through the Process

At The Law Office of Matthew M. Williams, P.C., our attorneys will zealously protect your interests through every phase of your divorce. We are highly experienced with divorcing couples who have professional businesses. A dedicated Geneva, IL divorce attorney from The Law Office of Matthew M. Williams, P.C. who focuses on mediation and collaborative divorce can help you reduce costs, make the entire process less contentious, and represent you in court when your schedule does not allow you to be there. Contact The Law Office of Matthew M. Williams, P.C. at 630-409-8184 to schedule an appointment.