Doctor Divorce in Cohasset, MA – All You Need To Know

Divorces involving Cohasset, MA doctors can be complicated. This is true whether you’re a doctor, married to one, or you and your spouse are both doctors. From the high cost of medical school to becoming a higher-than-average earner, when facing a divorce or thinking about the possibility, it’s wise to speak with a Cohasset, MA, family law attorney as soon as possible. They will help you understand your rights and responsibilities and issues that may impact your case, including the following.

Equitable Distribution in a Cohasset, MA, Doctor Divorce

In Massachusetts, all property is considered “marital.” This is true whether a couple owned the property jointly or they owned it individually and whether one spouse acquired the property before or during the marriage. Because Massachusetts is not one of the nine community property states where most assets are divided equally, property is divided equitably, which may or may not be equal.

That said, the division must still be fair. If a couple in a divorce in Cohasset, MA, cannot reach an agreement regarding asset division on their own or with the help of a mediator, a judge will evaluate the circumstances surrounding the division and render a decision.

Often, one asset will be used to offset another in negotiations, such as one spouse getting to keep the marital home in exchange for a larger portion of the retirement accounts. Because many doctors also own medical practices, making them business owners, equitable division in a Cohasset, MA, can become complicated quickly.

Business Valuation for Doctor-Owned Medical Practices

Several issues will determine whether a doctor’s privately owned medical practice will be divided in a divorce in Cohasset, MA. Valuing a medical practice for equitable division may involve assessing tangible assets like real estate (relevant if one spouse owns the building where the practice is located), equipment (which can be pretty costly), and supplies.

Intangible assets like accounts receivable and goodwill can also be included in the valuation. Goodwill refers to the practice’s value beyond its physical assets and receivables, the “why” behind patients returning to that practice.

In addition to the value of the medical practice, factors such as the length of the marriage and when the practice began are significant in equitable distribution. If the spouses were only married for a short time (a year or less), the practice is much less likely to be divided in a divorce.

Yet another scenario is if the practice was opened after the parties were separated financially. Similarly, if the couple were at the end of their marriage and had already filed for divorce, the likelihood of the medical practice being included in equitable division would be substantially lower.

Despite these generalities, every case is unique and must be assessed individually. Given the nuances involved, contacting a family law attorney about doctor divorce in Cohasset, MA, is best.

Child Custody in Cohasset, MA

Due to long hours, demanding schedules, and possible travel for conferences, doctors often struggle to settle on a parenting plan that effectively balances their professional obligations with the needs of their children. When creating a parenting plan, the standard will be what’s in the children’s best interests in light of both parents’ work and familial responsibilities. Should a couple be unable to agree on child custody and a parenting plan, a judge will decide, taking into account the following factors:

The Child’s Individual Needs

Judges prioritize the child’s specific needs, including any medical conditions, behavioral issues, and developmental disabilities the child faces, as well as the proximity of each parent’s home to extended family, school, and medical providers.

The Living Arrangements Each Parent Can Offer

Judges will evaluate whether each parent can provide suitable accommodations, i.e., a stable and safe living environment for their child while in their care.

Each Parent’s Criminal History

Parents with records of violent offenses, domestic violence, or alcohol or drug-related crimes are unlikely to secure significant custody rights.

The Income and Work Schedules of Each Parent

A demanding work schedule can affect a parent’s ability to meet their child’s day-to-day needs. Income also influences child support determinations; a court will factor in expenses like medical, dental, and vision insurance, prior support obligations, and whether a parent, based on their income, can support a child for the time each week they will have them.

Each Parent’s Motivations in Seeking Custody

Judges will examine whether a parent’s behavior suggests they genuinely prioritize their child’s well-being or are using custody as leverage against the child’s other parent.

Parenting Philosophies and Future Plans

Judges will consider each parent’s approach to raising their child, their goals for the child’s future, and their plans for running their respective households.

The Child’s Preferences

A judge may consider a child’s preferences if the child is mature enough, typically around age 14. This could mean a judge allowing the child to explain the nature of their relationships with each parent as they see it.

Every child custody determination will differ, given every family’s unique dynamic. Though it’s easy to feel stressed and overwhelmed in anticipation of a custody determination, a Cohasset, MA, family law attorney familiar with divorces involving a doctor can ease your worry by helping you understand your upcoming proceeding and prepare for it.

Alimony

Alimony is often a point of contention in Cohasset, MA, divorces where one spouse, such as a doctor, was the higher-earning spouse in the marriage. The purpose of alimony is to help the receiving spouse maintain the standard of living they experienced while married.

Like child custody and equitable division, couples may agree to alimony without the intervention of a judge. Where an agreement becomes impossible, a judge will evaluate the following factors:

• The length of the marriage.
• Each spouse’s age.
• The quality of each spouse’s health.
• The income, employment, and employability of both spouses and whether one would benefit from training to become employable if not currently.
• Each spouse’s income, from regular wages and salaries to commissions, bonuses, investments, dividends, stocks, stock options, and restricted stock units (RSUs).
• What each spouse contributed to the marriage financially and non-financially.
• Lost economic opportunities because of the marriage
• Each spouse’s ability to maintain their usual standard of living post-divorce.

In Massachusetts, alimony can be awarded regardless of who files for divorce. However, a judge can only order alimony if the paying party can afford it and the receiving spouse can demonstrate need. Alimony payments may be made as a lump sum, repeatedly in equal amounts, or as payments that decrease over time.

Student Loan Debt in a Doctor Divorce in Cohasset, MA

Understanding how student loan debt figures into the equitable division calculation part of the divorce process is critical because, based on Massachusetts case law, courts may treat it differently from other marital debt according to circumstances surrounding how it was incurred. Not to mention that the sum could be significant since training to become a doctor doesn’t come cheap. According to one source, 76% to 89% of 2021 medical school graduates had incurred an average student debt of $203,062.

As stated earlier, Massachusetts is an equitable division state, meaning assets and debts, including student loans, are considered marital property and may be divided in a divorce. That said, a court may treat student loan debt differently from debt like revolving credit (credit cards) and mortgages.

With student loan debt, a Massachusetts court will evaluate whether the debt was incurred to benefit the marital partnership or only themselves. Specifically, the court will examine when the borrower incurred the debt, whether they used it to cover living expenses during school, whether the couple prioritized paying one spouse’s debt before the other’s, and whether that spouse’s education brought more income into the marriage, benefiting it.

Generally, student loan debt will remain with the spouse who borrowed it. However, given the considerations described above, the court may account for it during the division of marital assets to create equity between the spouses. For example, the court may demand the other spouse contribute to paying off the debt.

Hire a Cohasset, MA, Family Law Attorney With Experience in Doctor Divorce

The issues raised in a Cohasset, MA, doctor divorce demand attention to unique issues. This is why hiring a family lawyer with experience handling divorces involving a doctor is beneficial.

At Farias Family Law, our compassionate team of Cohasset, MA, divorce lawyers understand the nuances in doctor divorces, the issues that commonly arise, and those that don’t. We recognize the stress involved, how spouses contribute differently to a marriage, what you’ve built, and how much is at stake.

Whether you are thinking about divorce or already embroiled, we can help. Contact us at our Cohasset, MA, office today.