Divorcing Physicians

Divorcing Physicians lawyers in Toronto

The laws around divorce are complicated. Divorcing physicians require legal advice from a divorce lawyer with experience in their field. If you are a physician and own your medical practice, the value of your practice and its income is relevant to the issues of equalization and support during your divorce process.

Planning and Surviving Divorce for Physicians

The separation date is the focus point for the valuation of your medical practice. In other words, the value of your medical 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 practice, bank and investment accounts (registered retirement savings plans, non-registered accounts, etc.), and real property.

If you own your medical practice and it is incorporated, you may have to value the shares of your medical professional corporation, factoring in the assets, liabilities, and goodwill of the practice. The value may be used to determine equalization of assets. Furthermore, you may have an obligation to pay child or spousal support. Thus, you may have to value your income to determine the quantum of child and spousal support payments.

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 physicians. We will work with a team of financial advisors, accountants, and experts to financially manage your divorce.

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

FAQs

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

The division of a medical practice involves valuing the practice, including tangible assets like equipment and intangible assets like goodwill. The practice may be considered a marital asset, and its value will be divided according to the divorce settlement.

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

Even if your spouse was not involved in the day-to-day operations of the practice, it may still be considered a marital asset.

3. How do I determine the value of my medical practice for the divorce settlement?

Valuing a medical practice typically requires a professional appraisal. An accountant or valuation expert specializing in medical practices can assess the value of the business, including its assets and goodwill.