More tips about protecting family business from divorce

In our past divorce law post, we started a conversation about when business meets divorce. Some couples not only join together in a marital union, but they also collaborate professionally. Maybe they even started their own family business.

It is important to divorced parties future stability for them to try to get out of their marriage with the best business situation as possible. Our prior post about this complex property division matter introduced the tip that parties should get the help from attorneys as soon as possible in order to clarify emotional versus reasonable business issues.

Jumping off from that point, there are other resources and other tips for people who are worried about the business implications of ending their marriage:

Understand business options

Divorcing the person who might also be your business partner does not have to mean that you are no longer business partners. Maybe the two parties get along well enough and work well in a professional capacity; they want to stay in business together.

Maybe working together is not a good idea. No matter the specific situation, a business attorney could identify the various business options so that the divorcing parties could think about the specific choices and whether they are good for them from a personal and professional standpoint.

Agree on expectations

Those who choose to move forward as business partners after their divorce should do so with agreements about their professional relationships and roles that are as clear and strict as their child custody and other family law settlements. Breaking those work “rules” could break the business’ back, which is likely an unwanted, preventable loss for both parties.

Perhaps the simplest tip is the most important. Individuals must be honest with themselves and then with their ex about what is best for everyone and the business. Individuals should tell their divorce lawyers and other professionals involved about their wants and needs in order for the legal team to work through the divorce case while having the parties’ true best interests in mind.

Source: Source: Entrepreneur, “If You Run a Company Together, What Happens When You Divorce?” Kate Taylor, Feb. 25, 2014

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