If you’re an entrepreneur who single-handedly runs a business and you’re also going through the process of a divorce, things can get intimidating and confusing. The only thing that you can think of is how to prepare yourself for divorce and also safeguard your business assets.
When you choose to file for divorce or when your spouse thinks of filing for divorce, you must be thinking of your business. You have invested your time and money in making your business successful. You can’t, at any cost, let your personal life issues hamper your business front. Before you rush to a divorce attorney in Columbus, let’s check out the impacts divorce might have on your business.
The financial impact of divorce
It goes without mentioning that divorces can get messy. Apart from the child custody arrangements, the financial consequences can get drastic. Despite your divorce being uncontested, the other spouse can claim each and every property and asset in your name. One of the biggest reasons behind this claim is ‘marital property’, which is defined as ‘all income and assets that you might have obtained through the marriage agreement. Hence, stocks and bonds, saving account money, and every other asset can be claimed upon.
Impact on daily operations of the business
When you’re going through the complicated process of a divorce, your emotions must be running high. You might be making the mistake of using your emotions in everything. Since you’re running a business, your focus shouldn’t shift at any cost as this could jeopardize your company. But you must be disturbed after having constant conversations with your divorce lawyers. A small wrong decision on your business front can lead to a huge challenge.
Impact on your business assets
The most common way in which a divorce can have an impact on your business is through the proper distribution of marital assets. If you’re wondering how this decision will impact your business, you have to first consider whether or not your business is a marital asset. One more thing to take into account is the property division laws. When you divide property during a divorce, you are supposed to divide only the marital assets. Hence, check the state laws before going about this process.
Impact on your market reputation
Once you take a close look at the high-profile divorce cases like those of Jeff Bezos or Bill Gates, you’ll know that your intensely personal matter can become a public affair in no time. In case your business has already built a very good reputation based on the values of your family, a divorce could now question your reputation. Moreover, if there are rumors of an extramarital affair, this will also question your credibility and reliability as an individual.
Therefore, there’s no denying the fact that the risks of a divorce can hit your business really hard. Nevertheless, you can ease off things by joining hands with a divorce attorney. As he will handle your legal matters, you can focus better on your personal and business life.
You must be logged in to post a comment.