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Key considerations re a family business in divorce

High-asset divorces in Oakland County and elsewhere across Michigan are obviously distinguished from many other marital dissolutions by the significant amount of marital property they involve.

The cumulative value of that wealth is notably higher than is the case with many other divorces, of course.

And it is typically far more variable.

Family law attorneys with a record of proven advocacy in high-net-worth divorces routinely help their diverse clients identify, value and divide assets of many types. Those range broadly from myriad savings/investment portfolios and multiple realty holdings to wide-ranging personal property and many other income sources.

Including family businesses, which for obvious reasons can command a heavy spotlight during divorce negotiations and even following a divorce decree.

Safeguarding your vitally important business in a divorce

As a divorcing business owner, you understandably face heightened pressure and challenges. We stress on our website at the established Bloomfield Hills family law firm of Hauer & Snover that divorcing company principals must often deal with “many critical issues that are unique to high-asset divorces.” Those can centrally include these concerns:

  • financially protecting the business you created
  • safeguarding your company’s reputation and good will
  • accurately assessing business value

Those are all self-standing concerns, but closely connected at the same time. A divorcing party must ensure that an enterprise continues to be tightly operated during the divorce process, which can be an overtly challenging prospect. A knowledgeable legal team with demonstrated business acumen can craft timely and sound strategies that foster business continuation and optimal performance.

That team can also help ensure that continued profitability is not marred by reputational attacks that might come from a disaffected ex-spouse or other parties. And experienced legal advisers will be sure to align a professional team focused upon accurate business valuation.

Your hard-earned business creation merits strong protection during and following the divorce process. You can take proactive steps to safeguard its good name and sustained profitability.