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Unique challenges of divorce on business owners

On Behalf of | Nov 2, 2022 | Family Law |

Your family has always been your number one priority, with your business being a close second. Unfortunately, your marriage is not quite working out. You’ve decided that the best way to go is to pursue a divorce. This is what’s best for you and your family overall.

While you do your utmost to separate your business from your personal life, it’s inevitable that these will cross paths at some point, particularly during a divorce. Outlined below are some of the unique challenges you may face as a divorcing business owner.

Having to take time away

It’s really up to you whether or not you share the fact that you are getting divorced with your colleagues and staff members. There is nothing that obligates you to take either route. However, it’s a simple fact that you are not going to be able to commit as much time to the business while your divorce is going on. Court hearings and other meetings will mean you have to take time off. Having contingency plans in place will help ensure that things run smoothly while you are away.

Was your spouse involved?

Things can get even more complicated if your spouse was also involved in the business. What is the dynamic in the workplace going to look like now you are getting divorced? In an ideal world, you and your spouse will be able to separate your professional relationships from your marriage, but this is easier said than done.

Protecting your business

A prenuptial agreement can help protect your business. With this document, you can separate your business from marital property that is divided in the event of divorce. If you’re already married and have not done this, it may still be possible through a postnuptial agreement. Seeking legal guidance will help to give you a clearer idea of your options.

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