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Professionals face special challenges in divorces

On Behalf of | Nov 21, 2023 | Firm News |

Doctors, dentists, lawyers and others who own all or part of a professional practice and make their living thereby will have a lot of extra details to think about if they split from their spouses.

  • A big question will be what will happen to their professional practice after the divorce. Especially since Texas is a community property state, the professional’s spouse may be entitled to a share of the value in the professional practice.
  • If the other spouse is not also a professional involved in the practice, it may be difficult to transfer ownership shares. The professional will probably have to arrange to buy out their spouse’s interest in the practice.
  • Part of dividing the practice will include determining its current value. This could require the help of a financial professional.
  • If the person’s practice is successful, there is a good chance that the couple has a lot of assets and a high income. Because there are more resources, there can be more conflict over custody, child support and property issues. The couple has more to spend on litigation. When it comes to financial concerns, there is more money at stake.
  • Since it can vary and can come from many sources, correctly calculating a professional’s income when calculating child support and alimony can be difficult.
  • Reputation is important to a professional’s livelihood. They may wish to try to resolve their divorce through mediation to protect their privacy instead of opting for a public court hearing.

Doctors, lawyers and others should make sure they understand all of their options

Professionals in the greater Galveston and Houston area should make sure they understand their rights and alternatives if they are facing a divorce.

They should not assume that they understand the process well enough to handle it alone, and they should resist the urge to get the matter behind them quickly if doing so means giving up important rights.

Many professionals worked hard to build up both their careers and their families, and they should be entitled to protect their investment in both.