Divorce for Doctors in Oklahoma City: Dividing Medical Practices

Divorce for doctors in Oklahoma City presents distinct legal and financial challenges, particularly when a medical practice is part of the marital estate. The process of dividing a medical practice is far more complicated than simply splitting W-2 income. Issues involving valuation of the practice, ownership interests, goodwill, partnership agreements, and even regulatory restrictions may need to be considered.

If you are a surgeon or specialized practice owner, your risks are high. Learn how Oklahoma judges view these types of assets so you can protect your career and financial future.

Hire a Medical Professional’s Divorce Lawyer

At Bundy Law, we work with individuals who have significant assets and interests that need protection during divorce or custody proceedings. Serving Oklahoma and Northwest Arkansas, our Oklahoma City family law attorneys are well-versed in handling high-net-worth divorces, complex custody battles, and other sophisticated family law matters.

Aaron Bundy, the firm’s principal attorney, is a Fellow of the International Academy of Family Lawyers. He is the only IAFL Fellow based in Oklahoma.

We are also members of the American Academy of Matrimonial Lawyers. From business ownership to trusts and professional practices, we are equipped to divide your assets equitably.

How Oklahoma Courts Classify and Value a Medical Practice in Divorce

Oklahoma is an equitable distribution state. Property is distributed equitably, but not necessarily equally. In Oklahoma, a medical practice that was purchased or developed substantially during marriage may have a portion, if not all of the practice, determined to be marital property by the court.

Financial professionals are often used by Oklahoma Courts to value tangible assets, accounts receivable, and enterprise goodwill, and help identify that goodwill separate from the physician’s personal goodwill. This can have a material impact on value. Expert testimony is commonly presented by each side arguing for certain positions in complex Oklahoma physician divorce cases, and it can become a key issue in both negotiation and trial strategy.

Dividing Ownership Interests, Partnership Agreements, and Buy-Sell Provisions

Oklahoma physicians commonly join together in professional corporations, partnerships, or PLLCs with a shareholder or operating agreement. Many such agreements include transfer restrictions or divorce-triggered buy-sell provisions. While Oklahoma courts can’t force ownership to be turned over to a non-physician spouse if the licensing authority prohibits such ownership, they can award an offsetting share of the value of the practice.

Compensation structures, voting rights, and distribution plans require meticulous scrutiny. In high-asset Oklahoma divorces, these agreements often dictate how pressures to liquidate are balanced with equitable distribution.

Handling Accounts Receivable, Deferred Compensation, and Practice Debt

Oklahoma courts look at both assets and revenue of a medical practice. Accounts receivable from services performed during the marriage can be considered marital assets even when payment is received after divorce. Productivity bonuses, deferred compensation, and earnings retained in the business may also be subject to review, depending on timing and structure.

Liabilities include loans on equipment, leases, payroll, and malpractice tail coverage. Detail-oriented tracing and documentation are essential to differentiate marital value from after-divorce income for Oklahoma courts.

Protecting Professional Licensure and Practice Stability During Divorce Litigation

Litigating a divorce in the Oklahoma District Court can take its toll on doctors with busy practices. Issues like temporary support orders, access to business accounts, or disagreements over valuation can impact your liquidity if not carefully planned for.

Doctors also have additional responsibilities they must consider when divorcing, such as adhering to professional standards set by the Oklahoma State Board of Medical Licensure and Supervision and any contractual agreements with local hospital systems or large healthcare providers. Maintaining your confidentiality and compliance is essential. With a careful litigation strategy, you can protect your reputation and achieve equitable distribution.

FAQs

How Many Physicians Practice in Oklahoma?

The Kaiser Family Foundation reported that Oklahoma has over 10,300 professionally active physicians across the state. With thousands of physicians practicing medicine in Oklahoma, Oklahoma family law cases frequently involve physicians with complex compensation structures and business holdings going through divorce.

With so many physicians practicing in Oklahoma, divorce cases may involve complex compensation structures, ownership interests, and practice valuation issues.

What Is the Divorce Rate in Oklahoma?

The Centers for Disease Control and Prevention reported Oklahoma’s divorce rate in 2022 was 3.7 divorces per 1,000 people, which is higher than the reported average across the nation. Across the United States, there were roughly 2.4 divorces per 1,000 people in the same year. Many of these divorces involved high-net-worth assets and marriages that included physicians and other healthcare personnel.

How Long Does a Divorce Take in Oklahoma?

Oklahoma divorces can take anywhere from a few months to several years, depending on how contested the issues are and whether minor children are involved. Oklahoma has a mandatory 90-day waiting period when minor children are involved. Oftentimes, high-asset divorces take much longer due to having to conduct financial discovery and having professionals review financial information.

Complex valuation issues, settlement discussions, and court scheduling all affect the length of time it takes to finalize a divorce.

Can a Spouse Receive Part of a Medical Practice in an Oklahoma Divorce?

In an Oklahoma divorce, a spouse does not automatically receive ownership of a medical practice, particularly if licensing rules prevent transfer to a non-physician. Rather, a court may find what value, if any, the practice has within the marriage and give an offset in other assets or structured payments. The aim is to fairly divide assets as Oklahoma law dictates without surrendering professional authority.

Contact an Oklahoma City Medical Professional’s Divorce Lawyer

For doctors in Oklahoma City, divorce involves complexities beyond the usual family law. If you have a medical practice, partnership interest, or complex compensation plan at stake, you have plenty to lose. Doctors going through divorce must consider Oklahoma’s equitable distribution rules and their need to protect their practices and professional reputation for years to come.

Bundy Law assists high-net worth professionals with complex divorce issues in Oklahoma and Northwest Arkansas. At Bundy Law, you can hire an Oklahoma City medical professionals divorce lawyer who understands high-stakes finances. Contact our office to learn more about dividing your medical practice or other complex assets with a no-obligation consultation today.