Divorcing Dentists
Divorcing Dentists
Unlike most other professional practices such as a law practice, dental practices are regularly bought, improved, and sold. Companies such as Tier Three Brokerage, appraise dental practices. The separation date is the focus point for the valuation of your dental practice. In other words, the value of your dental practice will be determined as of the date of separation. Upon separation, it will be necessary to equalize your assets with your spouse, including your dental practice, bank, and investment accounts (registered retirement savings plans, non-registered accounts, etc.) and real property. For personalized guidance during this process, many turn to divorce lawyers in Toronto who have experience with complex professional asset division.
Family & Divorce Lawyer
Divorce is a difficult process for anyone to endure and unfortunately, the rate of divorce amongst dentists is high due to various factors including challenges in managing the dental practice, while running the business in a competitive market. In such cases, advice from parenting decision-making lawyers in toronto can also be essential for families with children.
Planning and Surviving Divorce for Dentists
Divorcing dentists require legal advice from a divorce lawyer with experience in dental practices. If you are a dentist and own your dental practice, the value of your dental practice and its income is relevant to the issues of equalization and support during your divorce process. For couples with specific agreements, consulting domestic contracts lawyers in Thornhill can ensure those agreements are enforced fairly.
Divorce Planning for Dentists
You may sell your practice and equalize the net sale proceeds or keep your practice and pay your spouse 50% of the value of the practice. You can retain an expert accountant to value your dental practice for equalization purposes. You may also retain an expert accountant to value your income from your dental practice for spousal or child support purposes. If parenting schedules are involved, a parenting time lawyer in Thornhill can help protect your rights and time with your children.
You need to re-assess your insurance needs. We guide you, evaluate your new situation, assess your needs, and make the necessary changes to your life and disability insurance. We will review all your insurance policies and designate new beneficiaries, if necessary. For financial obligations towards children, working with a child support lawyer in Toronto ensures proper calculation and compliance.
We will help you with your estate planning and designation of a new executor of your will or change the person appointed to be your attorney for property and for personal care, if needed. When it comes to financial support between spouses, a spousal support lawyer in toronto can provide the necessary legal strategies.
We work with a team of accountants that will guide you with the tax consequences of a separation or divorce. For property division matters, a property division lawyer in Thornhill can assist in ensuring an equitable outcome.
A divorce will affect all parts of your life, consult with a divorce lawyer, experienced with divorcing dentists. We will work with a team of financial advisors, accountants and experts to financially manage your divorce. Some professionals in unique fields, such as doctors, may also seek advice from a Divorcing Physicians lawyer in Thornhill to address their specific needs.
If you are a dentist going through a divorce, contact our office for legal advice on your rights and obligations.
How do I value my dental practice for the divorce settlement?
Valuing a dental practice often requires a professional appraisal. An accountant or valuation expert with experience in dental practices can assess the value of the dental practice.
FAQs
How will a dental practice be divided in a divorce?
It generally involves valuing the practice, which includes assets such as equipment, patient records, and goodwill. The practice may be divided as a marital asset, and its value will be included in the overall division of property.
What happens to my dental practice if my spouse was not involved in it?
Even if your spouse was not directly involved in the practice, it may still be considered a marital asset.
How will my income from the dental practice be treated in the divorce?
Your income from the dental practice will be considered in the determination of spousal support and child support.
Should I hire a lawyer who specializes in divorce for professionals?
Yes, hiring a lawyer with experience in divorcing dentist is advisable.
What are the tax implications of dividing my dental practice?
The division of your dental practice may have tax implications, such as capital gains taxes or the need for a structured settlement.
Do I have to share my dental practice if I established it prior to my marriage?
You do not have to share the pre-marriage value of your dental practice, but you must share the increase in value during the marriage.
What happens to my dental practice during divorce?
The practice is valued, and the increase in value is subject to equalization. The court does not typically order the sale of a professional practice but may order an equalization payment.
Will I have to sell my dental practice to pay my spouse?
The court rarely orders the sale of a dental practice. If you lack liquid assets to pay the equalization amount, you may need to borrow against the practice or arrange a payment plan. Forced sale is a last resort.
How is my dental practice valued for divorce purposes?
Valuation is typically performed by a qualified business valuator with experience in dental practices.
Can I protect my dental practice with a Marriage Contract or Prenuptial Agreement?
Yes. Under the Family Law Act, parties may enter into a domestic contract to specify how property, including a dental practice, will be divided upon separation.
Ash Mazinani
Divorce & Family Law
Mazinani & Associates is a divorce and family law firm with a reputation for innovation, excellence, and teamwork. We take the time to listen to your needs and deliver the highest level of legal representation in your matter. With a focus exclusively on family law, our lawyers hold certificates in family law skills and practice.
We are experienced in family law matters and handle matters of any complexity from an uncontested divorce to a trial or appeal. We pride ourselves on providing creative solutions to divorce and family law matters of all levels of complexity. We are focused on settling your case but will take it to trial, if necessary. We engage in a cost/benefit analysis to determine if litigation or negotiation is the better route.
