Issue link: http://viewer.e-digitaledition.com/i/470290
O TH E R THAN PAR E NTI N G issues, t he div ision of assets is the most highly c o n t e s t e d a r e a i n a divorce proceeding. As physicians tend to have assets, a physicia n divorce case can involve extensive litigation over the division of those marital assets. T hose a sset s of ten i nclude a medical practice, which can be considered a marital asset as a business. Although there is little physicians can do to guarantee there will be no litigation over assets in their divorce, there are steps physicians can take prior to and during the marriage to minimize their risk. Prior to marriage, the physician and his or her spouse can enter into a prenuptial agreement, which is simply an agreement as to the division of assets and payment of support in the event the couple divorces. The agreement must be in writing and is enforceable under Ohio law, as long as the agreement was entered into freely without fraud, duress, coercion, or overreaching; there was full disclosure, or full knowledge and understanding of the nature, value and extent of the prospective spouse's property; the terms do not promote or encourage divorce or profiteering by divorce; and the terms are not unconscionable. A signed prenuptial agreement creates an additional burden for the complaining spouse, who must first convince a court that the agreement is not enforceable under those factors before the division of marital assets is at issue in the divorce case. After marriage, whether or not a prenuptial agreement was signed, it is important that a physician who had assets prior to the marriage understands the concept of "separate property" in Ohio. Property that is "separate" is not a marital asset and remains the property of the spouse who owned it. Further, its value is not included when divid- ing marital assets. Property owned prior to marriage, inherited property and property given as a gift to that specific spouse is "separate property." However, property can lose the distinction of being "separate property" under certain circumstances. For example, if a physician owns an investment account prior to marriage, and during the marriage rolls over the investment account into another account in which the physician's spouse also contributed funds, that investment account likely would lose the status of separate property. Next issue: Steps to take without a prenuptial agreement. NOTE: This general summary of the law should not be used to solve individual problems since slight changes in the fact situation may require a material variance in the applicable legal advice. Gregory Swope is an attorney with the law firm of Krugliak, Wilkins, Griffiths & Dougherty Co., LPA, in Canton OH. ■ Protecting The Physician's Practice By Gregory D. Swope, Esq. Part 1 of 2 Divorce in Ohio: +++++++++++++++++++++++ + + + + +++++++++++++++++++++++ BUSINESS SECTION 2 4 | Cleveland/Akron/Canton MD NEWS ■ M D N E W S . CO M ■ M A R C H /A P R I L 2 0 1 5