If you are a physician considering divorce in New York, you probably have more things to consider than most other divorcees. One of the most critical considerations for doctors is their medical practice. With the swirl of emotions involved in the split, many make unwise decisions regarding their practice. Here is what to watch out for and how to avoid typical mistakes.
Issues that can affect your children and practice
Divorce affects children in different ways, but after spending odd and long hours in the medical profession, you may have a more significant adjustment in dealing with your kids. You may have had little interaction in the past with them and must navigate contending with childcare and other issues. Immersion in your profession may have given you unrealistic expectations about how long the divorce process will take, or the division of marital property may not be a 50/50 split.
Other mistakes can have a severe effect on your practice. Many physicians tend to overstate or understate their practice’s value, or they don’t insist on a confidentiality agreement regarding certain aspects of their work. When physicians focus on their patients, they often disregard deadlines for information or sometimes even give incomplete information. Both can hurt the divorce process. Doctors also tend to maintain inappropriate relationships and behavior with new significant others during the divorce process to inflict pain on their spouses.
High-asset divorce is complicated
Most divorces involving physicians involve considerable assets. Generally, high-asset divorces take longer because of tension between spouses and disagreements over money, assets and differing opinions on property division and child custody. Taking the time to determine what is important to you is even more important in your position as a physician. Even though you may want to finalize your divorce as soon as possible, rushing through it can result in undesirable outcomes.
Enlisting the aid of experienced professionals in your divorce negotiations is also crucial. Someone who can accurately value your practice is a must, but don’t discount support from certified divorce financial analysts and others who can help you better understand asset division.