4 Things for Doctors to Keep in Mind When Getting a Divorce

 Posted on November 03,2020 in Divorce

Being a doctor can be a rewarding career for many people, but it is also a demanding and stressful job at times. Many physicians work long hours in challenging environments, which can lead to issues at home and can even sometimes lead to a divorce. Just as their profession may have caused conflict during the marriage, it can also end up making things more difficult during the asset division process in a divorce. For most physicians, their practice is their biggest asset and one of their most pressing concerns throughout the divorce process. If you are a doctor and you own your own professional practice, legal guidance from a knowledgeable Illinois divorce attorney can be invaluable when going through a divorce.

Considerations for Divorcing Physicians

When it comes to getting a divorce, there are many issues that must be decided. In all divorce cases, you and your spouse will have to determine what is and is not marital property and then distribute that property between yourselves. In marriages that involve minor children, you and your spouse must also come to an agreement on issues such as parental responsibilities and parenting time allocation. When it comes to physicians getting divorced, there are a few considerations that you should keep in mind:

1. Determine whether your practice is marital or nonmarital property. The Illinois Marriage and Dissolution of Marriage Act (IMDMA) states that anything either spouse acquires during the marriage is considered to be marital property, except for certain considerations, such as inheritance. If you opened your practice during your marriage, your spouse may be entitled to a portion of its value.

2. Your medical practice needs to be valued accurately. There are various ways to value a professional practice, but you must be sure the valuation is accurate. In addition, different factors go into valuing a professional practice. For example, you may only be a partner in your practice instead of having sole ownership of it.

3. Spousal maintenance may be necessary. In many situations, spousal maintenance is awarded when there is a large discrepancy in incomes between spouses. It is also not uncommon for the spouses of physicians to choose to stay at home to take care of the children or other household duties, which can also be a reason for them to receive spousal maintenance.

4. Your parental rights and parenting time may be affected. Some physicians work long hours that can be inconsistent or change on a daily basis. There is a possibility that this can end up affecting parenting time allocation, as a parent’s career obligations can be a determining factor in the amount of time each parent gets to spend with his or her children.

Our Kane County Asset Division Attorney Can Answer Your Questions

Getting a divorce is rarely simple and when you own a professional practice, your divorce can be even more complicated than normal. At the Law Office of Matthew M. Williams, P.C., we can help you through the divorce process, protecting your interests and your livelihood along the way. Our knowledgeable Aurora, IL asset division lawyer has more than 11 years of experience helping clients divide high-value assets and can help you with your own case. To schedule a confidential consultation, call our office today at 630-409-8184.

Source:

https://www.ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2086&ChapterID=59