If you are a medical professional in Michigan, the value of an existing practice may be key point of contention during a divorce. This is because both you and your spouse may have an interest in the revenue it generates both now and into the future.
It is common for medical professionals to band together
A group of doctors may join together to become joint owners of a larger entity. In some cases, you may be required to give up your ownership stake if a divorce occurs. However, you may be able to buy back in based on the terms of any buy-sell agreement that the partnership has put into place. Of course, reacquiring ownership of a revenue-producing business after your marriage ends may cause additional problems that you and your attorney may need to resolve.
Your spouse might hire legal or other professionals as well
There is a chance that your spouse will hire a forensic accountant or other individuals to help appraise the true value of a medical practice. If you are the medical professional in the marriage, your spouse’s forensic accountant may look for signs that you are obscuring the true financial health of the practice. However, your team may be able to refute that person’s findings or take other steps to bolster your position during settlement talks.
If you are going through a high-asset divorce, it may be best to do so with the help of an attorney. Doing so may help to ensure that you retain ownership of your medical practice or that you receive a portion of its market value in a final settlement. A legal representative may also help negotiate child support or alimony payments.