Professional Practices and Divorce: Protecting Your Rights

 Posted on February 16, 2023 in Divorce

 Divorce can be challenging for anyone, but for professionals such as doctors and lawyers, there may be additional concerns about protecting their rights and financial interests. For example, in the case of doctors, their high-earning potential and busy work schedule can complicate property division and spousal support. The division of assets may include complex investments, partnerships, or medical practices, which can be challenging to value and divide. Additionally, professionals may struggle to balance the demands of their work with the emotional toll of divorce proceedings.  

For lawyers, their knowledge of divorce law can complicate the process, as they may feel pressure to handle their divorce without outside help. Moreover, lawyers may face conflicts of interest if they previously worked with their spouse or their spouse’s attorney. The stress of divorce can also take a toll on their work performance and reputation. Today, we will discuss how doctors, lawyers, and other professionals can help protect their rights and financial interests during a divorce. Regardless of your occupation, it is prudent and strongly recommended to hire a knowledgeable divorce attorney to help you navigate the process while maintaining your day-to-day life as a working professional. 

Steps Professionals Can Take to Protect Themselves During a Divorce

The following are steps professionals should consider taking if they wish to protect themselves during divorce proceedings including:

• Hire an experienced divorce attorney – This first step is to hire a skilled and experienced divorce attorney. A good attorney can provide valuable guidance and advice throughout the divorce process.

• Take inventory of your assets – Make a detailed list of all your assets and debts. This includes bank accounts, investments, real estate, personal property, and other assets you own. It is essential to clearly understand what you own and what you owe so that you can make informed decisions during the divorce process.

• Protect your practice – If you are a lawyer, doctor, or another professional with a private practice, it is important to take steps to protect it, such as keeping your business and personal finances separate. For example, doctors and lawyers should avoid mixing personal and practice funds and maintain individual bank accounts, credit cards, and financial statements. In addition, one spouse can consider buying out the other’s share in cases where the practice is jointly owned. This can help avoid the need to sell the practice and may allow the business to continue operating without interruption. 

• Maintain accurate financial records – It is important to keep accurate financial records throughout the divorce process. This includes keeping track of all income, expenses, and assets. Having detailed records can help you make informed decisions and provide valuable evidence if there are disputes over the division of assets. 

• Consider spousal support – If you have a higher income than your soon-to-be ex-spouse, you may need to provide spousal support. This can significantly impact your financial situation, so it is important to work with your attorney to negotiate a fair and reasonable spousal support arrangement.

Contact a DuPage County Divorce Attorney 

If you are a professional getting a divorce, contact the astute Wheaton divorce lawyers with The Stogsdill Law Firm, P.C. to help ensure that you can protect your best interests during the divorce process. Call 630-462-9500 for a private consultation.

Source:

https://www.kevinmd.com/2020/07/10-reasons-why-divorce-is-hard-for-doctors-and-5-tips-to-make-it-easier.html