The process of getting a divorce is very different for people, depending on their personal circumstances. The emotional components of the divorce are difficult enough to deal with, even when the divorce is best for all parties. However, it can have a significant effect on a person’s assets and belongings too.
If you’re a Michigan business owner considering divorce, you may wonder how the process could affect your company. You are right to be concerned, though there are ways to reduce the impact. Knowing what you could be up against is the first step. Understand that divorce will not only affect your business but also anyone who works for or with you.
Effects of divorce on the business itself
It’s not unusual for someone experiencing divorce to feel pulled in multiple directions. You may need to meet with divorce professionals to discuss the process or others who may have needed information regarding your business and your divorce, such as an appraiser. All of this may take your focus from running your company, taking time you would have otherwise spent maintaining your business. It’s no wonder many business owners going through divorce worry about whether their company can survive.
To that end, some companies simply cannot weather the disruption and wind up closing due to an inability to manage arising issues. Another possible outcome is voluntarily dissolving your business, especially if your spouse shared any kind of ownership with you. Even if that is not the case, you may have to liquidate assets in order to pay a divorce settlement partially based on the value of your business.
Effects of divorce on the people you work with
Besides pulling your focus away from your business, your divorce could have the same effect on your employees or partners. If you need employees to fill in for you while you manage your divorce or if they have to assist you with financial matters related to your company and your divorce, your business could suffer. This could reach all the way to your business partners, especially if your divorce settlement changes your stake in the company.
As grim as this all may seem, there are ways to keep your business intact. The best strategy for preserving your business in the event of divorce may be to work with a family law attorney. Professional assistance with this process may mean the difference between your business thriving or ending, and you deserve every opportunity to grow your dream.