In Maryland, marital property is defined as any and all properties that have been acquired by either or both parties during their marriage regardless of how they are titled. Any property that was acquired by either spouse during their marriage is presumed to be marital property. Pre-marital property, gifts, inheritance, and property that can be traced to such assets are not subject to equitable division under Maryland law. Dentists, doctors, and medical professionals of any discipline who own a practice outright or are a partner, shareholder, and/or a member of a larger practice should be very vigilant in protecting their rights and choosing an attorney that is well versed in divorces that include dealing with dental and medical practices as marital property.
One of the reasons for the complexity of these types of divorces is that a medical or dental practice is usually established and structured before anyone even contemplated a divorce. Through proper planning, documents, and agreements that anticipate a potential future divorce, you can minimize your risks and make matters less complicated; however, even in those situations the valuation of a medical professional’s practice can be complicated. It is not uncommon for divorcing couples to decide the division of their assets with the assistance of their respective attorneys rather than litigating a divorce case and leaving it to the court’s decision. But if you are not able to reach an agreement, you can ask the court to resolve the dispute between you and spouse.
My background and experiences in representing clients in both family law and business cases, particularly representing medical professionals such as dentists and physicians, have assisted me in being particularly effective in handling divorce cases that involve equitable division of dental and medical practices as marital assets. These clients range from dentists, physicians, other medical professionals, or their spouses who are considering a divorce and/or a custody case.
Feel free to contact me for an appointment if you would like to make an appointment for additional information or are seeking experienced, vigorous representation in your divorce case.