When a divorcing couple jointly owns a medical practice in Texas, things can get complicated. There are many considerations, such as how you’ll keep running the business and how you’ll divide up your assets – if necessary. To make your work easier, consider the following tips.
Understand how much your medical practice is worth
This way, you can split up your assets fairly. To figure out the value of your practice, consider factors like its revenue, overhead costs and the amount of debt it’s in. If you’re not sure how much your medical practice is worth, consider hiring a business appraiser to help you determine an accurate value.
Sell the medical practice
This is a good option if you’re not interested in running the business together after your divorce. Once you have an understanding of how much your business is worth, it’s time to look for a buyer. You can sell your medical practice to another doctor, a hospital or a corporation. You may also want to consider hiring a broker to help you with the sale of your business, especially helpful if you’re not familiar with the process of selling a business. After selling your medical practice, you can then split the proceeds with your ex-spouse.
Let one of you buy out the other
This is another option if you don’t want to run the business together, and you can do this by negotiating a price or using the value of the business determined by a business appraiser. Once one spouse buys out the other, that person becomes the sole owner of the medical practice.
Keep running the medical practice together
This option may be best if you have a good working relationship and can continue to run the business together without any problems. You’ll need to work out an agreement on how you’ll split up the ownership, profits and decision-making, but it can be done. If you go this route, make sure to put everything in writing so there’s no confusion later on.
No matter what you decide to do, it’s important to communicate with your ex-spouse and come to an agreement that works for both of you. If you can’t agree on anything, a mediator can help you work out your differences and come to a resolution before you consider going to court.