The financial aspect of a divorce for physicians in Kentucky can be a complicated legal matter when the doctor has a private practice. Just as in any divorce where the couple operates a business, the value of the practice is a significant component of the marital property division element of the separation.
Details can matter significantly in a physician divorce such as the timeline regarding ownership or partnership entry, valued interest in a partnership and even future value of the practice if the divorcing spouse legal counsel brokers an ongoing interest payment arrangement. Just as in many other divorces that include business evaluation, experts are commonly called in by attorneys for either party in establishing or contesting the actual value of the practice. Common questions the accounting experts answer include concerns regarding:
• The type of business entity
• When the business was established
• Stock issuance to participants
• Initial funding
• Purchase agreements
One problem that some spouses face when dissolving a marriage with a physician is what agreements may have been made when their physician spouse entered a practice partnership. There could exist agreements for the elimination of shares in the event that one partner gets divorced or an agreement to sell all shares in the event of a divorce. The physician can then buy back their shares after the divorce is final, effectively dodging the settlement process. A Kentucky divorce lawyer may work to uncover information regarding all aspects of practice value, including prior arrangements intended to defraud in the event of a divorce.
Challenging the experts
As in other high-value divorces, both parties will need evaluation representing their behalf when either spouse opts for this process. While expert testimony and professional input can be a part of a mediation process that keeps personal details out of the public spotlight, there can still be cases when expert opinions must be contested in open court with cross examination or requests for a court ruling. It is not unusual for physician divorces to be contested on both sides. When a divorce case goes to trial, it may be beneficial to have the help of an attorney who understands the tools at their disposal.