Get Fair Property Division When You Or Your Spouse Owns A Medical Or Dental Practice
Business valuation methods used outside the medical field are not necessarily appropriate when assets and income from a medical practice or dental practice are in question. Determining the value of an automobile mechanic shop or fast food chain outlet can differ significantly from the valuation process for a medical or dental practice. If you or your spouse is an owner of a medical or dental practice, you will want to approach a divorce with the guidance of a family law attorney who is experienced in this area. Your lawyer should also be determined to protect your rights and interests through the process.
At Burke & Domercq, APC, we focus on high-asset divorces and have established a strong reputation for our family law firm. These facts often bring medical professionals and their spouses to our doors. Our lawyers draw on their legal backgrounds as well as input from respected business valuation specialists who are deeply knowledgeable about medical and dental practices.
Considerations In Divorce When A Medical Clinic Or Dental Office Is Marital Property
California is a community property state. This means that the value accrued by a medical or dental clinic during a marriage may very well be subject to 50-50 division. However, business division is immensely complex. A few factors to address include:
- The clinic or practice may have been started before or after the marriage.
- Commercial real estate that is still under a costly mortgage.
- Other medical or dental professionals may share ownership of the practice.
- High overhead, including costly equipment loans or leases, malpractice insurance and robust staff payrolls may make it difficult or impossible to obtain cash to pay out half the value of the practice.
- You may opt to trade other high-value assets for 50% of the value of the medical or dental practice.
If you become a client of Burke & Domercq, APC, you can count on our attorneys to put your interests first as we advise you on the most efficient way forward. We advocate tenaciously for your rights during the valuation process.
We Are Here To Help You Through Complex Property Division
The emotional aspects of a divorce can make it difficult to keep your mind clear while approaching property division challenges, including the valuation of a medical or dental clinic. Our attorneys will keep you informed and protect your rights.