Business owners generally understand that there is no-one-size-fits-all solution to every business decision. Similarly, what happens with a business interest in a divorce may take many different roads, depending upon the circumstances.
Often, articles appear in the news offering ideas on how to proceed, while maintaining life outside of the courtroom — or settlement negotiations. A divorced couple who run a service on the West Coast to help people through divorce were recently featured in an article in Entrepreneur magazine. The two continue to work together, but provide some tips that may help some Columbia, Missouri, area residents who own an interest in a business and are seeking a divorce.
Notably, a business may be a large asset that needs to be addressed while dividing marital property. But, the commentators in the recent article say that a common problem is that divorcing spouses may need some assistance in keeping matters separate.
For instance, when a person has an interest in a business, obtaining a valuation of the business interest is of great importance. This can be a complex process in any proceeding. But, when dissolving a marriage with children and a business interest is also involved, blurring the lines between the issues can complicate the overall divorce process.
Untangling the emotional issues from the financials is an important consideration in reaching a fair outcome in a reasonable manner. Similarly, understanding that child support issues, running a business and keeping up with individual bills during (and after) the divorce can be better served by focusing on the issues individually.
But, it may also be beneficial to understand that there is no one-size-fits-all arrangement to how property division must be handled. A family law attorney can help in the valuation and asset division process. Forensic accountant may be helpful in the valuation process. Once valuation is determined, a person may be able to know what options are available in dividing the assets.
Source: Source: Enterpreneur.com, “If You Run a Company Together, What Happens When You Divorce?” Kate Taylor, Feb. 25, 2014