Those who have spent many years building their businesses and bank accounts understand the importance of protecting those interests when marriages end in court. A high-asset divorce can be extremely contentious, especially if a spousal communication breakdown has been a key factor in the marital split. There are several things a concerned business person can do to stay on top of things as negotiations get underway toward a fair and agreeable settlement.
In many situations, both spouses have vested interests in a particular business. For some, it was dreams of becoming successful business owners that brought them together before marriage. Even though they decided not to remain married, many still value their former spouses as business partners, and they may seek ways to keep their businesses thriving long after divorce.
Some situations wind up with spouses having to liquidate their business assets and then split the proceeds. However, through amicable negotiations, business owners are often able to find ways to avoid such outcomes. Typically, seeking assistance from an experienced high-asset divorce attorney increases the chances of coming out on top.
If children are involved, it is of paramount importance to try to keep emotions under control and negotiate a settlement with their best interests in mind. Whether former spouses stay on as business partners after divorce or part ways and divide the assets, a crucial component of obtaining a satisfactory outcome is often experienced legal guidance. A high-asset divorce attorney can guide any concerned business owner through the process.
Source: The Wall Street Journal, “How to Keep a Business Alive After a Divorce“, Andrew Blackman, Jan. 24, 2017
