In business, there are three real threats to your company, all of which may ultimately result in bankruptcy, closure, or dissolution. Otherwise known as the three “Ds,” these are death, disability, and divorce. Little can be done about the first since, ultimately, death does happen to everyone. Though difficult to overcome, disability is a matter that entrepreneurial couples may be able to get through together. Divorce can be a little more difficult to navigate because you only have so much control. Still, the state of your business once it is all over could depend on how you choose to manage the situation.
Divorce Does Not Have to Mean Death for Your Business
While your business may ultimately be factored into the overall valuation of your marital estate, it does not have to be liquidated or closed. In fact, many couples find other, more desirable solutions. Some continue running the company together—albeit with changes and more defined roles. Others buy out their spouse and continue to run the company on their own. Of course, the decision that is right for you and your business will likely be different than anyone else’s, as you will be the one that has to live with your choice. Still, it is important to realize that you do have other options and that running your business is still possible even after divorce.
Protecting Your Business through Divorce
The way you protect your business through a divorce will depend greatly upon the path you choose. If you and your spouse both started the business together and both have an interest in continuing to run it, you may have to define new or stricter roles. Alternatively, if you wish to buy your spouse out (or your spouse wants to buy you out), a proper valuation will need to be done to ensure each party receives their fair share in the settlement. Whatever you choose, ensure you have an experienced attorney on your side.
Of course, not all couples have participated in the business together. Some have had little to do with the startup, maintenance, or growth of the company. Others have simply made financial contributions and have had little involvement with the day-to-day operations. Regardless, it is important to recognize that, in most cases, a business will be considered a part of the marital estate. As such, you will likely have some difficult decisions to make.
Contact Our Will County Divorce Lawyers
If you or your spouse own a business, either separately or together, contact Kezy & Associates for assistance. Knowledgeable and experienced, we can analyze your situation and help you understand your options. We will guide you and protect your rights and best interests, every step of the way. Schedule your free consultation with a skilled Orland Park divorce attorney by calling 708-518-8200 today.