When it comes to divorce and individuals in professional careers, there are often additional hurdles that one must consider when navigating the divorce process in CA. Those in the medical profession are no exception to this, and those working in this industry have their own set of challenges to contend with on top of the usual divorce hurdles.
Modern medicine is known for long, arduous shifts and challenging working conditions along with high rewards or the chance to rack up lots of overtime. Not just that, but many medical professionals carry extensive debt which could further impact your divorce proceedings. Today’s post is a quick overview of some of these additional challenges that medical professionals should keep in mind during their CA divorce.
Accounting for the Finances During Your California Divorce
Generally speaking, most medical professionals are in a higher than average income bracket and for good reason. The shifts are long, the work is difficult and critical, and medical professionals are exposed to a lot of hazards at work.
Working conditions aside, being under a higher income bracket allows many of them to enjoy a higher standard of living. This can involve real estate in high-end areas, vehicles, boats, musical instruments, artwork, and many other types of valuables. Medical professionals also often have extensive investment portfolios, retirement accounts, and some may even run their own side business.
These assets, along with any debt that a person may carry, are all part of the equation when it comes to property division. The family law courts will generally try to assess which assets are shared vs which are entirely separate and owned by one person, then they’ll proceed to divide all assets and debts equitably.
What if I Own My Own Medical Practice?
Things get really complicated when a medical professional runs his or her own medical practice. For the purposes of asset division, the medical practice is a business and the medical professional is a business owner, whether they fully own the medical practice or whether they share ownership with others.
Often, you’ll have to involve forensic accountants and other financial professionals to help you assess how the medical practice will be categorized based on how it operates and a set of other complex variables.
Consult with a Qualified Divorce Attorney in California
Considering their high-net worth, medical professionals can quickly find themselves at a disadvantage when they opt to navigate their divorce proceedings without qualified legal and financial assistance. If there’s one take-away from this post, it’s that medical professionals have a lot to lose during a divorce, and proper preparation is worth its weight in gold.
Consult with the trusted divorce attorneys at White Oak Law. Our team of legal experts can help assess your situation and work with you to map out an effective strategy for every aspect of your divorce. Call us at 925-271-0999 today to learn more about how we can help.