IN THE PRESS
Dueling Dentists: When Husband and Wife Dental Teams Divorce
The consequences to the dental practice and the dental practitioners are enormous, both financially and psychologically, at least in the short run and almost always in the long term. The husband and wife team each know so much about the dental practice that every “secret” is going to surface during the interrogatories and discovery period of the litigation.
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Divorce and Equitable Distribution - What Does This Mean?
One of the most difficult concepts to comprehend when valuing an asset in a state where equitable distribution rules apply is the understanding of what equitable distribution means. It does not mean that assets are equally divided, although that may occur upon a court’s final determination. It is supposed to mean a fair, impartial or just distribution, accounting for all facets of the total asset value as well as the specific asset to be distributed to each participant.
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Divorce/Partnership Disputes and Goodwill Allocations
A valuation is a necessary tool to be used to support the position taken by the parties in a dispute. Because valuations are considered appraisals similar in nature to the appraisal of a home, there is some flexibility in the methodology used in the preparation and with the formulas used to come to a conclusion of value.
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Attorneys: The Good and Bad. Their Role and Responses While Advising Dentists during Divorce.
When a dentist knows that divorce proceedings are imminent, the first step is typically the retention of a matrimonial lawyer. An important question is where to find someone with the expertise in matrimonial law who also has an understanding of financial matters that involve dentists.
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Hiring and Firing a Spouse
There are dental practice consultants who urge the employment of the dentist’s spouse by the dental practice. The job description is sometimes spotty for the spouse because the understanding of their responsibilities may be unclear and the hiring may be a ruse to allow employment and fringe benefits to be paid on behalf of the spouse...
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Divorce and the Safety of a Prenuptial Agreement - Preparing for the Worst
With divorce on the rise amid the fragile economic climate, some very successful dentists have taken the initiative to attempt to protect themselves from their potential spouse and his or her financial advisors in advance of a possible demise of their marriage.
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Contract Disputes Among Partners - Goodwill Allocation Awareness
An attorney is typically paid a large amount of money to prepare a partnership agreement for a dental practice. The dentists want the best attorney available to do so. There should be a lot of the partners' time spent in explaining the detail of what the dentists do and what each of their responsibilities will be to the attorney, because most attorneys do not have a lot of experience in working with dentists. The buyout provision is especially important because...
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Divorce: The Dentist’s Guide for Sustaining and Surviving His or Her Personal and Professional Life
One of the least likely professions to bear the brunt of lawsuits in our country today is dentistry. It is so rare for dentists to be sued that it is difficult to know what to do when a complaint is served upon one.
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Divorce and the Dental Practice Valuation - Preparing for Trial
When the dentist has tried mediation and it has failed to produce a settlement, it is critical to be prepared for the courtroom and a trial. That means the preparation of a dental practice valuation that is not one originated by your dental supply house in a prototype format.
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How to Keep Dental Practice Disputes Under Control
Why you should have agreement documents prepared before dental practice disputes get out of control. No one wants to be involved in a dispute that disrupts the normal flow of business to the dental practice.
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Increasing Cash Flow
As a business matures, one of its biggest issues for continued growth is the ability to increase or to at least maintain the cash flow needed to keep current with the payroll, operating expenses, and the amortization of any loans. Additional sales mean an increase in accounts receivable balances.
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Dental Practice Goodwill: Is it Personal or an Asset of the Practice?
Does it Matter?
What difference does it make if a dentist owns a practice, and there is a question of how much goodwill value is attributed to the practice or directly to the dentist on a personal level? Of course there are income tax considerations that weigh heavily on how the allocation is resolved, but there is an additional consequence that may be of more dire circumstances than the tax result of the reporting entity.
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Is Goodwill Enough?
This article was listed in the December 2011 issue of Dental Products Report magazine, as "One of the Top 10 Most-Read Articles of 2011." The article was originally published in DPR in the November 2010 issue.
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