Medical professionals have very demanding careers. The stress that they experience at work and their abnormal job schedules can put pressure on their marital relationships. In some cases, career demands can contribute to the decline of a healthcare professional’s marriage. Other times, secondary issues, such as a mismatch of personal values or infidelity, may result in a physician or other health care professional divorcing.
The same general rules apply to divorces regardless of the profession of either spouse. However, physicians and other well-compensated medical professionals, like physical therapists, may find that they have a very challenging divorce process ahead. Property division may be particularly difficult to navigate.
The assets outlined below can potentially exacerbate property division disputes.
1. A private practice
For many health care professionals, including dentists, doctors and physical therapists, establishing an independent professional practice is the true goal of their professional ambitions. Once they have started a professional practice, they likely want to continue owning and operating that practice until they are ready to retire or sell the business to someone else.
Valuing a professional practice and integrating it into the asset division process can be difficult. Professionals may need help protecting their companies during a divorce.
2. Pensions and retirement savings
As well-compensated professionals, those in the medical sector often have competitive benefits. Their employers may offer pensions or 401(k) matching.
Even if their employer does not offer any kind of retirement benefits, health care professionals may earmark a certain portion of their income every month for retirement savings. Determining how much of a pension or retirement account is marital property and how to effectively address it during a divorce can be relatively challenging.
3. Real estate holdings
A health care professional with their own practice might have purchased an office building and may lease space to themselves and multiple other professionals. They may have bought a home with their spouse.
They could have a vacation home as well. In some cases, they may even have investment properties. Real estate can be difficult to value and a challenge to divide effectively during a divorce.
Health care professionals may also need to address student loans, which can have a major impact on their financial circumstances. Securing the right assistance in the early stages of a divorce that could involve complex property division matters may help spouses minimize financial consequences. Proper planning and realistic divorce goals can help medical professionals end a marriage more gracefully and prepare for a more successful life after divorce.
