Divorce can significantly impact your medical practice in Texas, financially and professionally. One of the financial steps in a physician’s divorce is an appraisal of your practice’s value. This will help determine the fair distribution of assets in your divorce.
To start the divorce process in Texas, one of you or your spouse must file a petition for divorce with the appropriate court. You must also be a resident of Texas for at least six months and a resident of the county where you are filing for at least 90 days.
Property division in a medical practice divorce
In Texas, all property and debts acquired during the marriage are considered community property divisible during a divorce. This includes your medical practice. The court will try to divide the community property in a “just and right” way for both parties, but there is no guarantee of an equal split.
The impact of divorce on your medical practice
Once the petition filing is complete, your spouse will be notified and given a chance to respond. Then the discovery stage is next. Next, both parties exchange information and gather evidence related to the divorce, such as financial records, tax returns, and other relevant documents.
The value of your medical practice will need to be determined during the divorce proceedings. You should also consider the tax implications of any property division agreement reached in your divorce.
The next step is to negotiate a fair settlement between the parties. This may involve negotiating the terms of a divorce settlement agreement, which outlines the terms of the division of property and assets.
Moving forward after divorce
As you move forward after your divorce, it’s important to focus on your goals and priorities. Whether you want to protect your financial stability, maintain the success of your medical practice, or both, it’s essential to have a clear understanding of your goals and a plan for achieving them.