Divorcing professionals have unique concerns

On Behalf of | Jul 28, 2022 | Florida Family Law

West Palm Beach and Melbourne doctors, lawyers, accountants and other professionals who are early to mid-career may like anyone find themselves in the middle of a divorce.

In most respects, their divorces will proceed as would any other divorce. Florida’s laws about property division, alimony and the like apply with equal force to every case.

Still, the issues and outcomes of divorce cases depend a lot on circumstances.  In this respect, professionals who have some experience under the belt but have not hit the pinnacle of their careers will have some unique issues.

Privacy may be an important concern for professionals

For one, professionals who are still building their practices have to guard their reputations carefully.

Many things, including things that are exaggerated or false, get said during a divorce proceeding. Such statements can damage a professional’s reputation and, indirectly, their ability to earn a living in the future. Professionally, it can be hard to recover from a messy divorce.

Divorce proceedings are public in Florida subject to some narrow limitations. However, a professional may still be able to keep many of the financial and personal details of their divorce outside of the public eye.

In the right circumstances, for example, they may wish to pursue family law mediation instead of going the route of having a contested divorce hearing. Although it is not right for every case, mediation offers several advantages, including an extra layer of privacy.

Future earnings may have an impact on property division, support

A professional divorcing in the first third of their career may not have to worry about dividing up the value of their professional practice, although it is certainly a possibility.

However, many professionals will by this time have acquired a home, vehicles, retirement accounts and other investments or even additional real estate. Under Florida law, the court may have to divide most of these investments fairly unless the couple can agree about their property.

One factor that might come into play in these discussions is that professionals tend to make more and more income as their careers progress.

Overall, younger professionals who are going through a divorce will want to understand their options so as to avoid mistakes that could cost them down the road.