Special Considerations When Doctors Divorce In Sarasota, Bradenton, and Venice, Florida

Divorce can be tough for anyone, no matter what their profession. Legal bills, extended delays, property distribution, and the emotional stress that ending a marriage causes can be difficult for most people. Still, a divorce where at least one of the spouses is a doctor can involve special circumstances not found in most cases. Even when a separation is amicable, issues like child custody and property division can be more complicated than they are in a “typical” divorce scenario. Indeed, many doctors have their own medical practices, which can be difficult to value for the purposes of property distribution.

The Sarasota, Bradenton, and Venice, Florida divorce lawyer at the Law Offices Of Matthew Z. Martell, P.A. has handled all types of divorces and understands the special circumstances that doctors and their spouses face. We understand how to value medical practices and work with business professionals who specialize in determining the value of such business assets. Whether you are a doctor who is looking to protect your practice or a spouse who is seeking an equitable division of marital assets, we are here for you from start to finish. For a 15 minute free initial phone consultation, reach out to us by calling (941) 556-7020 or by contacting us online.

Divorce In Florida

In Florida, all property acquired during a marriage can be subject to distribution upon divorce. What this means is that anything of value obtained while you were married could be classified as a marital asset and will, therefore, be included as part of your marital estate. Florida law says that the sum total of the value of a marital estate is to be equitably distributed in the event of divorce. Equitable does not necessarily always mean 50/50 but instead can be what the court considers fair under the circumstances.

Spouses are empowered to divide their marital property however they choose if they can reach an agreement without judicial intervention. However, a court will need to get involved if a couple’s disagreements cannot be resolved collaboratively. The court will look at a number of factors to determine a fair and equitable division of marital property. Some of those factors include:

• The length of the marriage
• The age of the spouses
• The education level of the spouses
• The income level of the spouses
• The health of the spouses
• The contribution to the marriage of each spouse

To be sure, there are some forms of property that are not eligible to be divided upon divorce. Generally, property acquired before the marriage will not be included in the marital estate and will remain in possession of the spouse who owned it prior to marriage. Additionally, property included in a valid pre-nuptial agreement may also be ineligible for distribution when spouses divorce.

Doctors And Divorce

In Florida, business assets are considered personal property when determining the value of a marital estate. As a result, medical practices formed during a marriage are considered marital property and are subject to division upon divorce, unless said formation was otherwise addressed in a prenup. What this means is that a physician who starts their own practice during their marriage, or a doctor whose practice increases in value during their marriage, may end up having some of the practice’s value go to their spouse if they get divorced.

Business Valuation

Still, determining the value of a practice can be complicated and typically involves the use of business professionals who specialize in business valuation. There are several business valuation methods used to determine the value of business assets. Medical practices are some of the more difficult business assets to value as they typically do not have inventory or a tangible product for sale. However, professional practices do often have intangible assets, which is typically where the real value of the business lies. Some examples of intangible assets are:

• Licenses, Degrees, and Certifications
• Intellectual property (i.e., patents, trade secrets and brands, and copyrights)
• Reputation, Standing, Goodwill, and Business Reputation

Professional Partnerships

Many doctors enter into professional partnerships with other doctors. These business entities may be partially owned by the professional spouse. When this happens, it can complicate property valuation and distribution during divorce. Not only must the total value of the partnership be assessed, but the percentage that the spouse that is involved in the partnership owns must also be determined. Here, business asset valuation must be employed on top of figuring out how much interest in the partnership the professional spouse owns.

Doctors And Child Custody

Practicing physicians are known to have very demanding work schedules. Indeed, many doctors are on call and must be able to report to a hospital at a moment’s notice. Surgeons may be required to be in the operating room for hours on end. This clearly can complicate child custody determinations as their schedules are often inflexible. Crafting a custody order that takes into consideration a doctor’s rigorous schedule can present a challenge for many couples, and this issue is often at the center of divorce litigation. While couples are free to enter agreements, when one cannot be reached, prolonged custody hearings are not uncommon in regard to divorces involving doctors.

Additional Considerations

Divorces involving doctors typically qualify as high-net-worth divorces due to a professional’s likely significant income and assets. With high net-worth divorces, a lot is at stake, and couples are known to dig their heels in and contest every aspect of their situation via litigation. This can be time-consuming and expensive, resulting in prolonged delays and significant legal fees. As a result, divorces involving doctors tend to be some of the more expensive legal actions in the United States. If you or your spouse is a doctor and you are considering divorce, it is recommended to speak with an experienced Sarasota, Bradenton, and Venice, Florida divorce attorney near you such as Attorney Matthew Z. Martell as early on in the process as possible.

Sarasota, Bradenton, and Venice, Florida Divorce Attorneys

If you or your spouse is a doctor and you are considering divorce, then you are likely going to need significant legal help negotiating and formalizing or litigating your divorce. As mentioned, divorces involving doctors tend to be high-value cases with significant property and assets, so a lot is at stake. Hiring an experienced Sarasota, Bradenton, and Venice, Florida divorce attorney like Matthew Z Martell is the best way to ensure that your rights are protected and that you receive a fair and equitable distribution of property and assets.

At the Law Offices of Matthew Z. Martell, P.A., we have over 25 years of experience handling all types of divorce and family law issues. We have received awards for our commitment to our clients and take pride in our proven track record. For a 15 minute free initial phone consultation, reach out to us today by calling (941) 556-7020 or by contacting us online. We look forward to speaking with you.