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Protecting your business as a divorcing Michigan spouse

On Behalf of | Nov 9, 2020 | High-Asset Divorce |

You’ve unquestionably got some valid concerns if you are a divorcing Michigan spouse who just happens to own a successful business.

We prominently note those concerns at the established Michigan family law firm of Hauer & Snover in Bloomfield Hills. We underscore on our website that, “When individuals of high net worth divorce, the issue of dividing business interests often exists.”

Distributing business assets in the marital dissolution process might not immediately strike some readers as being an overly complex or arduous task. Indeed, though, it frequently is, and for many reasons. Close focus and follow through must often center on considerations like the following:

  • Protection of company goodwill (safeguarding business reputation)
  • Accurate identification of business assets, coupled with their fair valuation
  • Objective assessment of a spouse’s involvement with and contributions to business operations
  • Evaluation of the roles played by other company principals (often family members)

The company-focused publication business.com spotlights additional concerns as well. If you are a divorcing business owner, it notes, you must take a proactive and studied stance “to ensure the dissolution of your marriage doesn’t disrupt your earnings or your organization.”

The business.com piece points centrally to the impact that the divorce process can have on the ongoing viability of daily business operations. Understandably, a company principal is hard tasked to lead as usual when he or she is intimately involved with divorce-linked chores and other exactions.

A proven family law legal team with demonstrated acumen in commercial matters and property division negotiations/outcomes can help with the challenges.