There’s no question that divorce has a huge impact on almost anyone that goes through it, including the divorcing couple, their children, and their other loved ones and close friends. At the Law Office of Lorrie J. Zahodnic, P.C., we understand that almost every aspect of a couple’s life together will be impacted by divorce, including any businesses that they own together. In fact, dividing a business when a couple in the Clinton Township area splits up can be one of the most difficult parts of a divorce.
The reasons for this are many. Not only does the couple have to go through the process of how to divide or sell the business, but anyone else who is involved in the business, including all the employees, will also most likely be affected. However, there are some steps to protect yourself and your business in a divorce.
According to an article from FoxBusiness.com, one of the first things you should do if you are facing a business division is to contact an experienced divorce attorney. Another step you can take is to sign a prenuptial or postnuptial agreement that spells out how a business will be divided in the event the marriage ends prematurely.
Another step you can take is to have a shareholder agreement or business partnership agreement in place in order to handle a buyout or a business division. If necessary, the divorcing couple can agree to meet with a qualified financial expert in order to establish the value of the business. Another possible solution is determine a payment structure for one of the parties involved so the business is not damaged and both parties can still be compensated.
If you would like more information about dividing a business, as well as other property, in divorce, then please visit our page on property division.