When a doctors divorce, there are unique issues that arise that have to be dealt with such as how to deal with the value of the professional license, the ownership of a business entity operated by the professionally, the valuation of a business, and the student loans associated with obtaining the professional license. For a doctor going through a divorce, these could all be aspects of marital property that have to be carefully considered in the division of the marital estate.

5 Areas of Concern for a Doctor Getting a Divorce

1. Medical Practice Valuation

Use a Business Valuation Expert

2. Dividing Marital Debts

3. Spousal Support Issues

4. Equitable Division of Marital Property

5. Custody and Parenting Responsibilities

In Illinois, the term “custody” — when one parent is the custodial parent and the other visits with the children — is no longer used. Instead, the terms “Parenting Time” and “Allocation of Decision Making” are used when children are involved. This makes things flexible enough for you to work out a solution for parenting time that fits within your work schedule that may change every week and the children’s schedule which is also likely to be fluid. There are many creative ways to come up with a long-term schedule that fits your unique family situation. There is no one boilerplate plan that works for everyone.

Seek Advice from a Divorce Attorney Experienced Representing Doctors

THIS ARTICLE WAS PREVIOUSLY PUBLISHED AT: https://illinoislawforyou.com/divorce/issues-when-doctors-divorce/

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