Divorce for Doctors and Lawyers
Divorce for doctors and lawyers in Florida may require prudent legal advice. An assertive West Palm Beach divorce attorney can assist with issues that typically arise in these cases, such as the asset division of high net worth couples, accurate business valuation, a fair amount of spousal maintenance, an accommodating parenting plan, and other matters. Attorneys Stephen J. Press and Jessica Mishali have the persistence and skill to address the complex issues that commonly occur in divorce cases involving doctors and lawyers. We can answer your questions and protect your interests throughout separation and divorce proceedings.Florida Divorce for Doctors and Lawyers
In a Florida divorce case, the couple’s marital property is generally subject to equitable distribution between the spouses. When physicians, lawyers, and other medical and legal professionals divorce, there may be important considerations in dividing their property. Many of these divorce cases involve high net worth individuals with a large amount of assets that must be divided. Alimony, or spousal maintenance, paid by a spouse with greater financial resources, may be a consideration in doctor and lawyer divorce cases. In addition, many physicians and lawyers have a full or partial ownership interest in their professional business practice. If the spouses executed a prenuptial or premarital agreement, the terms must be reviewed to determine whether they affect the distribution of assets and property.High Net Worth Divorce
Physicians, surgeons, and attorneys may earn significant yearly incomes and accumulate wealth and numerous assets over time. A high-asset divorce for doctors or lawyers can become complicated, as the spouses may dispute ownership or valuation of a large number of assets as well as real property. In some cases, it may be necessary to trace an asset to determine whether it is separate or marital property. The valuation, tracing, and appraisal of property and assets may be time consuming and complex, or require experts to provide an opinion.Ownership of Medical or Legal Practice
Many doctors and attorneys own their practices. In the event of a divorce involving a doctor or lawyer, the value of the professional practice may be a factor in the division of the spouses’ assets. Even if the spouses do not jointly own the medical practice or law firm, there are circumstances that may result in some of the value of the business qualifying as marital property. In these situations, the spouses may arrange independent appraisals by their own experts.
Once the valuation of the practice is determined, the portion considered marital property may be distributed equitably between the spouses. If the spouses cannot reach a mutual agreement regarding the practice, the issue may be decided by the judge presiding over the divorce case. In such cases, it is likely that the judge would allow the doctor or lawyer spouse to retain their practice and ownership interest. In exchange, the value of the business may be offset by awarding assets of approximately the same value to the other spouse. Alternatively, the physician or attorney spouse may be able to buy out the other spouse’s interest in their practice with a lump sum payment or payments spread out over time. Discussing your needs with an experienced divorce attorney may help you determine the best course of action in your divorce case.Divorce Attorneys for Medical and Legal Professionals in West Palm Beach
If you are concerned about protecting yourself during a divorce, the West Palm Beach lawyers at the Law Offices of Stephen J. Press can advocate on your behalf. We can represent doctors, lawyers, or their spouses in complex divorce cases in Royal Palm Beach, Hallandale Beach, Stuart, Hobe Sound, Pompano Beach, Wellington, Delray Beach, Jupiter, Pembroke Pines, Davie, Coral Springs, Hollywood, Plantation, Fort Lauderdale, Boca Raton, Boynton Beach, Indiantown, Palm City, and Jensen Beach, as well as other places in Broward, Martin, and Palm Beach Counties. Arrange a free consultation with a qualified divorce lawyer by calling the Law Offices of Stephen J. Press at (561) 833-2772 or contacting us online.