No matter your occupation, getting a divorce has the ability to flip your professional life upside down. Divorce has significant implications for almost every aspect of someone’s life. Unfortunately, if you are a physician getting divorced, the financial difficulties in getting a divorce can be amplified to a greater extent. In this blog, we will delve deeper into the unique challenges physicians face when they are going through a divorce.

At the outset, it cannot be stressed enough that if you are a physician who is getting a divorce, do not hesitate to contact a knowledgeable Texas divorce attorney who will ensure that your rights remain protected and that the process is as seamless as possible.

What to Consider if you Own a Private Practice

Many physicians getting divorced need to realize that their business may be considered community property if they own a private practice. This may be the case even if your spouse has never had a role in the private practice’s business or operation. Under Texas law, an asset can be considered community property through different factors. These factors may include when exactly the private practice was founded, how the practice has evolved throughout the marriage, and how the practice’s revenue is managed. Unless your soon-to-be ex-spouse is also a physician, there is virtually no chance they could take over any part of the practice. However, your ex-spouse may be entitled to a portion of the practice’s worth.

Other Economic Considerations

If you do not own a private practice, there may still be financial ramifications stemming from your divorce. For instance, physicians are often compensated very well for their work. This usually means that physicians have considerable wealth and real estate holdings. Whether your funds are mostly liquid or are tied up in complex investments, any assets accumulated during the marriage may be subject to division during divorce proceedings.

Something else that will be considered during divorce proceedings is the lifestyle you and your spouse enjoyed while you were married. This is especially true when it comes time to determine spousal maintenance or alimony. Texas law states that alimony can be issued if the court considers it fair and equitable to both spouses. This means that if a particular standard of living was created during the marriage exclusively based on your income, you might be required to help support your spouse financially for some time after the divorce is finalized. It is also worth noting that if you have children under 18, you will be required to pay child support.

Contact a Dallas Divorce Attorney

Divorces are financially complex matters. This is even more true for physicians. If you are a physician getting a divorce, understand that the best way to protect your financial interests and well-being is to hire an experienced divorce attorney who is skilled in representing physicians through divorce proceedings. Contact the astute Dallas divorce lawyers with Clark Law Group. Call 469-906-2266 today for a comprehensive consultation.