Prenuptial Agreements for Doctors and Dentists (And Their Spouses): Key Considerations
Professionals such as doctors and dentists have unique needs when getting married. A prenuptial agreement can protect finances if a couple ever ends up getting a divorce. A prenuptial agreement is an important document, however, so we encourage couples to avoid using a fill-in-the-blank form that they find online.
Reach out to our office. We can represent either client as they work toward drafting and revising a prenuptial agreement. Call our office for assistance. We can negotiate a prenuptial agreement to protect your interests and ensure the agreement meets legal requirements. Judges scrutinize these agreements, and you do not want the court to strike down the agreement.
Below are four issues every doctor and their fiancé should address.
1. Student Loan Debt
Medical professionals often graduate with enormous debt loads. Here are the average amounts of student loan debt for various medical professionals:
- Doctors: ~ $250,000
- Dentists: ~$297,000
- Pharmacists: ~$170,000
Other debt might relate to startup costs for a new medical practice, including purchasing an office.
The spouse who does not work in the medical field should not accept any of this debt. Your spouse will reap the benefits of their education, so they should pay off any related debts in the event of divorce. But there might be questions, especially if you cosigned a loan, or if you have other debts, including mortgages.
2. Alimony
Florida has changed its alimony laws to eliminate permanent alimony. However, if you are marrying a doctor or dentist, you might negotiate for the inclusion of generous alimony payments based on their anticipated income. You can also negotiate to receive a large share of marital property.
Alimony can represent considerable support for a non-physician spouse after divorce. Nobody should try to negotiate alimony without a lawyer’s assistance. Contact Hamilton O’Neill for help.
3. Support for Children
You cannot waive child support in a prenuptial agreement. Instead, judges will set child support according to the state’s guidelines. However, you might negotiate more generous support for children, such as your spouse agreeing to pay for college.
4. Protecting Business Equity
Many dentists and doctors are sole proprietors. Nonetheless, your spouse could end up receiving a share of business equity when you divorce. A prenuptial agreement can help preserve all of the equity so that you leave the marriage with your practice intact. Even if you are a member of a group practice, you should address how to value the business interest and other issues.
Reach out to a law firm which has experience working with high-income clients to prepare for marriage. A well-drafted prenuptial agreement will protect your business so that you can continue to serve your patients without any need to temporarily shut down as you untangle legal issues.
Contact Hamilton O’Neill to Discuss a Prenuptial Agreement
A valid prenuptial agreement requires full and accurate financial disclosure from each spouse. Otherwise, a judge might find the agreement to be invalid and instead apply Florida law to determine alimony and the division of property. Reach out to Hamilton O’Neill to meet with an established Miami prenuptial agreement lawyer in a private consultation.
Sources:
physicianonfire.com/medical-school-debt-repayment-guide/
educationdata.org/average-dental-school-debt