Doctors, lawyers and other professionals who are involved in a divorce may have a lot of questions about how it will affect both their family lives and their practices.
To some extent, a divorce involving a professional works the same as any other Virginia divorce. Unless the couple can agree, a court will have to divide their property in a way the court sees as fair.
The court may also have to make decisions about child custody, parenting time and spousal support.
Professionals may own a share in their own business
Especially if they are at the peak of their careers, many professionals will also have high incomes and many different types of valuable assets.
This can make property division difficult, especially if the couple’s assets include property that is hard to value. It also means both sides in a divorce have a lot to lose.
One example of an asset that is hard to value is a professional’s practice. Many doctors, lawyers and other professionals will own all or part of their professional practices. In some cases, it may even be their most significant asset.
In many cases, their spouse will be entitled to a fair share of the business’s value. Aside from sorting how actually to divide up the value of the practice, how much the practice is worth can also be difficult in these situations.
Doing so may require the help of a financial expert. Having a legal professional help with practice valuation is also important.
Privacy may be a significant concern for professionals
No one in the Northern Virginia suburbs wants the details of their family life aired in public. Too often, though, this is exactly what happens in divorce cases.
For a professional, a messy and very public divorce can also affect their professional practice, since reputation has a lot to do with a professional’s earning power.
Although it may be hard to keep all details of a divorce out of the public eye, there are ways to resolve the couple’s outstanding issues outside of court.
Alternative dispute resolution, like mediation, can thus help keep the most sensitive family law topics private.
