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Divorce when you jointly own a medical practice

On Behalf of | Jul 12, 2022 | Divorce |

Owning a medical practice with a spouse in Nevada can be very rewarding. However, when you decide to divorce, things can get very complicated very quickly. If you are considering a divorce, here are some things to keep in mind.

Your medical practice could be a marital asset

Usually, when a couple gets divorced, they have to divide their assets. This can include the family home, savings and investments. If you own a medical practice with your spouse, it is likely that the court will view it as a marital asset. This means that it could be subject to division in the divorce.

You may have to buy your spouse out

If you want to keep the medical practice after your divorce, you may have to buy your spouse out. This can be a complicated and expensive process. You may need to value the practice and come up with the money to pay your spouse their share. To make your work easier, however, you could consider hiring an experienced business appraiser to help you with the process.

Your divorce could affect your patients

If you own a medical practice with your spouse, your divorce could have an impact on your patients. If you have to close the practice or sell it, your patients may be affected. It is important to think about how your divorce will affect your patients and take steps to minimize the impact.

You may need to run the practice together

In some cases, divorced couples continue to run their businesses together. This can be a difficult situation but it is often necessary in order to keep the business running smoothly. If you find yourself in this situation, it is important to communicate with your ex-spouse and set clear boundaries. You may also want to consider hiring a mediator to help you resolve any disagreements.

Divorce is never easy, but it can be especially complicated when you own a business with your spouse. If you are considering a divorce, make sure to keep these things in mind. With careful planning, you can minimize the impact on your business and your patients.


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