When a couple divorces and both partners own the same medical practice in Florida, things can get complicated. You might find yourselves disagreeing on how to divide the business or what to do with the business if you don’t want to sell it. If you’re facing this situation, here are a few things to keep in mind.
Evaluate the value of the practice first
The first step is to evaluate the value of the medical practice. This will help you determine how much money each partner would get if they sold their share of the business. You can hire a valuation professional to do this for you.
Once you have an idea of what the practice is worth, you can start negotiating how to divide it. If one partner wants to keep the business and the other doesn’t, you’ll need to figure out how to value that person’s share.
You can sell the practice
If neither partner wants to keep the business, you can sell it. This might be the best option if there is a lot of conflict in your divorce. Selling the practice will provide a lump sum of money that you can divide up evenly between yourselves.
Keep in mind that selling the practice may not be easy. You’ll need to find a buyer who is willing to pay the right price.
If you do decide to sell, make sure you have an agreement in place that spells out how the money will get divided between the two of you. This can help avoid any disputes down the road.
You can keep the practice together
If neither partner wants to sell the practice, you can keep it together. This might be a good option if you want to stay in the same profession and don’t want to start over from scratch.
However, keeping the practice together can be difficult. You’ll need to agree on how to run it and make sure both partners are on the same page. If one partner is doing most of the work, they might end up taking on more of the burden. If you do decide to keep the practice together, make sure you have an agreement in place that outlines how decisions will be made and how profits will be divided.
If you and your partner own a medical practice together, these are some of the things to keep in mind. Just remember that no matter what you decide to do, it’s important to have an agreement in place to avoid any disputes and make things easier down the road.