Divorce is rarely an easy process in New York, and it can be especially difficult when you have a medical practice. You may think that your business will not get affected by the divorce and that everything will continue as normal. However, this is not always the case. If you are considering divorcing while running a medical practice, there are several things that you need to consider.
Did you establish the medical practice during or before the marriage?
If you established the medical practice during the marriage, your spouse may be entitled to a portion of the business. This is especially true if your spouse contributed to the business in any way. If you established the medical practice before the marriage, your spouse may not be entitled to a portion of the business. This is because the courts generally do not consider premarital assets to be marital property.
Do you have a buy and sell agreement?
A buy and sell agreement is a contract between business owners that outlines what will happen if one of the owners decides to sell their share of the business. If both of you own the medical practice, you may need to execute a buy and sell agreement if you have one. This will ensure that the business is not disrupted if one of you decides to divorce. If you do not have a buy and sell agreement, your spouse may be able to block you from selling your share of the medical practice. This could make it difficult for you to get out of the marriage.
Alimony and property division
If you have been in marriage for any length of time, your spouse may be able to request alimony and/or a share of the medical practice in order to maintain his or her standard of living. If your spouse requests alimony and a share of the medical practice, the courts may grant these requests. This could have a significant impact on your medical practice.
If you are considering getting divorced while operating a medical practice, make sure that all issues related to property division and spousal support get resolved before moving forward with your divorce.
The divorce process can be quite complicated if there is a medical practice involved. Make sure that you are aware of the potential issues that could arise and take steps to protect your business.