Being a physician can be an extremely rewarding career, but it can also be very demanding. In some positions, doctors can work long, tireless hours on their feet for days in a row, all for the benefit of their patients. Unfortunately, this can often be at the expense of their families. More hours at work often means less time spent with the family, which in some cases, can end up leading to a divorce. According to a study published in 2015, the divorce rate among physicians was around 24.3 percent, making divorce fairly common among doctors.
Considerations During Divorce
All divorce cases have the potential to be complex, though for physicians, there is a higher chance of certain elements such as owning a private practice that could possibly complicate your divorce. Here are a few things you should keep in mind when divorcing as a physician:
Marital and nonmarital property may not be as clear-cut as you think. In the state of Illinois, only marital property, defined as any property that either spouse acquires during the marriage, is subject to division. This means your business or private practice could be marital property if you started the business during the marriage. This would also mean that your spouse is entitled to a portion of the business. It is also important to note that debts are included in the division of property. If you incurred debt, including student loan debt, while you were married, both spouses could be responsible for repaying it.
Valuing your private practice accurately is extremely important. As a physician, your practice is likely your most expensive and valuable asset, as well as your source of income and livelihood. Private practice valuation is often a hotly debated topic during a physician’s divorce, and it is important that you accurately represent its worth when you are negotiating your asset distribution.
Alternative dispute resolution can be helpful. In many complex divorces, seeking resolution through alternative methods, such as mediation or a collaborative divorce, can actually be a much better choice in the long run. In divorces involving physicians, using mediation or a collaborative method can help keep conversations respectful and cooperative and give you more control over the outcome.
Contact Our Wheaton, IL Divorce Lawyers
If you are a physician who is contemplating divorce, you may be concerned about your situation, and rightfully so. Many physicians have substantial financial situations that must be dealt with during a divorce, in addition to the typical family issues. At Goostree Law Group, we have helped thousands of clients through the divorce process, including numerous doctors and other healthcare professionals. Our knowledgeable DuPage County divorce attorneys have the experience needed to handle the complexities of your case. To schedule a free consultation, call our office today at 630-364-4046.