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Handling divorce when you have a medical practice

On Behalf of | Aug 1, 2022 | Asset Division, Divorce

Divorce is a difficult process for everyone involved. It can be especially tough on your Tennessee medical practice if you are not prepared for it. The good news is that there are steps you can take to minimize the impact of divorce on your business.

Have a clear understanding of your financial situation

This includes knowing how much debt you have, what your monthly expenses are, and what your income is. This will help you make decisions about how to best allocate your resources during the divorce process. You may need to hire an accountant or financial advisor to help you with this.

Ideally, you want to have a divorce budget in place before you start the process. This will help you stay on track and make sure that your financial needs get met.

Keep your business separate from your personal life

This can be difficult to do, but it is important to remember that your business is its own entity. Firstly, keep your business accounts separate from your personal accounts. Secondly, don’t use company funds to pay for personal expenses. Divorce processes often involve many expenses, such as attorney’s fees, so it is important to keep your business finances separate from your personal finances.

Communicate with your team

Your staff is likely to be affected by your divorce, even if they are not directly involved. It is important to keep them updated on what is happening and to let them know how it might impact the business. This will help them understand what changes they might need to make and will allow them to support you during this difficult time. For instance, if you are going to be working less, they will need to know so they can pick up the slack.

If you are going through a divorce, it is important to take steps to protect your medical practice. By understanding your financial situation, keeping your business separate from your personal life, and communicating with your team, you can minimize the impact of divorce on your business.