If you are in the process of getting a divorce, you may be stressed out and worrying about the unknown. What will happen to your house? What about your business? Continue reading to find out.
1. Day-To-Day Business Operation May Be Disrupted
Divorce requires abundant attention, limiting your time to devote to your business.
Employees can also get disrupted by appraisers’ on-site visits or inventory reviews.
2. Your Employees or Partners May Be Affected
If your interest in your business is subject to division in the event of a divorce, you
will have to give a piece of your business to your ex-spouse. If this happens,
your partners and employees can be affected. Someone who was not invited or
initially part of the business now owns a significant share in the company.
Your spouse could even decide to sell the shares they now own, which could
throw your company off entirely.
3. Your Business May Be Dissolved Entirely
Please do not freak out about this; it’s not an expected outcome for businesses during a divorce. Although you and your ex-spouse are equal business partners, you may
have to take this route. For example, if your spouse is entitled to a
significant cash payout for their business share and cannot pay it, you may be
forced to sell out or close your business entirely.
If you are in the process of divorce and you have your own business, we know that you are facing feelings of uncertainty. We are here to help. Contact us today at 608-420-3942, so we can work to protect your legal interests and your bottom line diligently.