Divorce is hard enough, but when you have to worry about your medical practice as well, it can feel downright overwhelming. If you are a doctor or another type of medical professional who is going through a divorce in Texas, here are some tips to help you handle things as smoothly as possible.
Evaluate your medical practice’s value
The first thing you need to do is assess the value of your medical practice. This will help you determine how to divide things up between you and your soon-to-be ex-spouse. It can also help you determine how much to sell it for, should you decide to take that path, and how much money you will need to live on after the divorce gets finalized.
Buy out your spouse’s share
If your spouse is not interested in continuing to own a share of the medical practice, you may need to buy them out. This can be a costly process, but it may be worth it in order to keep things running smoothly. Just remember to make sure you have the financial resources to do this before you start the process.
Sell the medical practice and divide the proceeds
If neither of you wants to continue owning the medical practice, you may want to consider selling it. This will allow you to split the proceeds evenly and end things on a relatively amicable note. Just make sure that whoever buys it is someone you can trust to handle things in a responsible manner after the divorce.
Consider continuing to run the medical practice together
If neither of you wants to sell the medical practice, you may want to consider continuing to run it together. This can be a bit tricky, but it may be the best option for both of you. Just make sure that you can work together harmoniously and that you have a solid plan in place for how things will operate going forward.
No matter what you decide to do, remember that it is important to keep the best interests of your medical practice in mind. If things get too heated between you and your spouse, it may be helpful to hire a mediator. This third party can help you work through the details of the divorce in a calm and rational manner.