More people today than ever before own a business. One thing that you may overlook is the fact that this could impact the divorce process.
In the event that a husband and wife both have an interest in the business, the divorce process can be extremely complicated. Finding a way to split the business or run it together in the future can be difficult. However, there are steps you can take to put this in the past and implement a sound plan for the future.
Here are some of the questions you need to answer if you find yourself in this position:
- Is your company considered an excluded business asset or family asset?
- What is the status of your relationship?
- What is the estimated value of the business?
- Will anybody else be impacted by the separation?
- Are you comfortable with the idea of working with your ex-spouse in the future?
There is no right or wrong answer to these questions. For example, the status of your relationship may be married while another couple is unmarried.
Also, you may not know the answer to each question. Maybe you need to hire a business appraiser to value your business. Until then, you won’t be able to address this detail.
As a small business owner going through divorce, you need to be very careful of every move that you make. We know you are in a difficult position. Fortunately, we have helped many people like you in the past. If you have questions or concerns, contact us online or via phone. We are here to help.