As a business owner, it goes without saying that you don’t have much down time. Instead, you take great pride in growing your business and ensuring that it’s always on stable ground.
If you find yourself faced with the divorce process, you may be concerned about what this means to the future of your business. Could your soon to be ex-spouse fight for some control of the company? Will the divorce hold you back in other areas of your life?
Divorce can bring many questions to the forefront. Here are a few that you may find yourself wrestling with as the process unfolds:
- Who will receive what with regard to assets such as business interests, the family home and vehicles?
- Is it possible that you could owe spousal support?
- Who will receive custody of any children?
When it comes to matters of property division, for example, you’ll have a variety of questions and concerns. As a business owner, you’ll first want to consider the well being of your company. Depending on the structure of your company and your spouse’s involvement, it’s possible that your business could be in play as assets are divided.
Here are three steps to take if you’re faced with divorce:
- Make a list of your assets and debts, ensuring that you don’t overlook anything that could come into play during the property division process. In particular, you should be prepared for a business valuation if your business interests are divided in your divorce.
- Focus on other factors that could alter your financial situation, such as alimony and child support.
- Learn more about your legal rights and the laws in your particular state.
Along with the above, you may want to learn more about the many alternatives to litigation. For example, if the other party agrees, you may be able to take advantage of mediation. This gives you the opportunity to avoid a drawn out court process. Furthermore, it puts you in position to negotiate with the best interest of your business in mind.
Business owners going through divorce face a variety of unique challenges. It’s how you deal with these challenges that will determine what happens now and your future circumstances. As long as you understand your situation, legal rights, and options, you can make informed and confident decisions that will allow you to put this difficult time in the past.