Will a Doctor Lose Their Practice in Their Divorce?

 Posted on January 04,2024 in Bankruptcy

Regardless of your profession, getting a divorce is often a deeply emotional experience. For physicians practicing in Illinois, specific considerations must be taken into account during divorce proceedings. One common concern is whether a doctor will lose their practice because of the divorce. If you are a doctor and have concerns regarding the future of your practice and what getting a divorce will mean for you, your practice, and your life, pick up the phone and call an experienced attorney in Illinois to get the help you need today.

Property Division for a Physician Getting Divorced

Since Illinois is an equitable distribution state, the court will look to divide assets fairly and justly during the property division process. However, losing a medical practice entirely is unlikely unless exceptional circumstances are at play. Instead, the court may consider other factors, such as the value of the practice, the contributions each spouse made to the practice's growth, and the financial needs of both parties, when determining how to divide the practice's value

Valuation of the Medical Practice

Valuing a medical practice is no small task and may require the knowledge and input of professionals within the healthcare industry. Doctors getting divorced may be encouraged to work with forensic accountants or business valuation professionals to assess their practice's value accurately. The valuation will play a significant role in determining the division of marital assets and potential spousal support obligations.

Spousal Support Considerations

Doctors in Illinois must also consider the prospect of owing their spouse spousal support payments once the divorce is over. Physicians with higher incomes may be at a higher risk of being ordered to pay spousal support, especially if there is a significant disparity in income between the parties.

Child Custody and Support

For doctors with children, child custody and support will likely be a factor during divorce proceedings. Doctors must be prepared to demonstrate their ability to balance their demanding work schedule with their parental responsibilities. Additionally, child support calculations in Illinois are based on the income of both parents, including any additional revenue generated from the practice.

Privacy and Confidentiality Concerns

Doctors must also be mindful of privacy and confidentiality concerns during their divorce. Medical practices often involve sensitive patient information, and steps should be taken to protect patient confidentiality throughout the divorce process. This may include working with professionals experienced in handling sensitive information and ensuring all necessary privacy measures are in place.

Contact Our DuPage County, IL Divorce Attorney Today

If you are a doctor getting a divorce, contact the experienced DuPage County, IL divorce lawyers with Farooqi & Husain Law Office. Call 630-909-9114 for a private consultation.