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Protecting your medical practice in divorce

On Behalf of | May 2, 2022 | Divorce

No one ever expects to get divorced in Alabama, but it happens all the time. If you are a doctor who is going through a divorce, you may be wondering how it will affect your medical practice. Will you have to close up shop? Will your patients leave you? To protect your medical practice, you need to keep the following tips in mind.

Understand the value of your medical practice

If you are a doctor, your medical practice is likely your most valuable asset. It is important to understand the value of your medical practice before getting divorced. This way, you can protect your interests and make sure that you get a fair settlement.

Your medical practice may be worth more than you think, so it is important to work with a professional to conduct the assessment.

Consider creating a trust

If you have a medical practice, you may want to consider creating a trust. This can help to protect your assets and ensure that your family is taken care of in the event of your death or divorce. There are many different types of trusts, and two of the main types are revocable and irrevocable trusts.

A revocable trust can be changed at any time, while an irrevocable trust cannot be changed. If you don’t want your ex-spouse to have any control over your medical practice, then an irrevocable trust may be the best option.

Try to consider alternative ways to resolve the issue

If you are going through a divorce, it is important to try to consider alternative ways to resolve the issue to keep matters from spewing into the public domain and to protect your interests.

One way to try to resolve the issue is through mediation. Mediation is a process where you and your ex-spouse meet with a neutral third party to try to reach an agreement. This can be a good option if you want to keep things amicable and avoid going to court.

A divorce can be a difficult and emotional time, but it is important to remember that your medical practice is a valuable asset. By understanding the value of your medical practice and taking the other steps above, you can protect your interests and ensure a fair settlement.

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