Divorcing Dentists

Family & Divorce Lawyer

Divorce is a difficult process for anyone to endure and unfortunately, the rate of divorce amongst dentists is high due to various factors including challenges in managing the dental practice, while running the business in a competitive market.

Planning and Surviving Divorce for Dentists

Divorcing dentists require legal advice from a divorce lawyer with experience in dental practices. If you are a dentist and own your dental practice, the value of your dental practice and its income is relevant to the issues of equalization and support during your divorce process.

Unlike most other professional practices such as a law practice, dental practices are regularly bought, improved, and sold. Companies such as Tier Three Brokerage, appraise dental practices. The separation date is the focus point for the valuation of your dental practice. In other words, the value of your dental practice will be determined as of the date of separation. Upon separation, it will be necessary to equalize your assets with your spouse, including your dental practice, bank, and investment accounts (registered retirement savings plans, non-registered accounts, etc.) and real property.

You may sell your practice and equalize the net sale proceeds of sale or keep your practice and pay your spouse 50% of the value of the practice. You can retain an expert accountant to value your dental practice for equalization purposes. You may also retain an expert accountant to value your income from your dental practice for spousal or child support purposes.

You need to re-assess your insurance needs. We guide you evaluate your new situation, assess your needs, and make the necessary changes to your life and disability insurance. We will review all your insurance policies and designate new beneficiaries, if necessary.

We will help you with your estate planning and designation of a new executor of your will or change the person appointed to be your attorney for property and for personal care, if needed.

We work with a team of accountants that will guide you with the tax consequences of a separation or divorce.

A divorce will affect all parts of your life, consult with a divorce lawyer, experienced with divorcing dentists. We will work with a team of financial advisors, accountants and experts to financially manage your divorce.

If you are a dentist going through a divorce, contact our office for legal advice on your rights and obligations.

FAQs

1. How will a dental practice be divided in a divorce?

It generally involves valuing the practice, which includes assets such as equipment, patient records, and goodwill. The practice may be divided as a marital asset, and its value will be included in the overall division of property.

2. What happens to my dental practice if my spouse was not involved in it?

Even if your spouse was not directly involved in the practice, it may still be considered a marital asset.

3. How do I value my dental practice for the divorce settlement?

Valuing a dental practice often requires a professional appraisal. An accountant or valuation expert with experience in dental practices can assess the value of the dental practice.