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How will divorce affect your business?

On Behalf of | May 27, 2021 | Divorce |

When you were married, your spouse hated the fact you had your own business. They claimed you put your company first instead of the family. Now that you are divorcing, they appear to have developed a fondness for the company. So much so that they want you to give them half of it.

 

Working out what happens to your company can be challenging when your marriage ends. While your business may have contributed to the downfall of your marriage, it is crucial to ensure your divorce does not bring about the end of your company.

 

Divorce can distract you from running your company

 

If your protected your business with a pre or postnuptial agreement, things are more straightforward. If not, your spouse might seek a share of the business. Remember that your business is only one part of the assets you need to divide during a divorce. You could opt to keep complete control in exchange for giving your spouse other assets to a similar value.

 

A business can work as a place to focus your energy and forget about the marriage breakup. That will be harder if your ex owns a piece of it. It may demotivate you, leading the company to dwindle to the detriment of all concerned. If your company suffers, you will not be able to afford the payments your spouse is demanding.

 

The less stressful and time-consuming your divorce, the better you can focus on making your company a success. Lying awake worrying about whether you will get to see the kids or keep the house will hurt your performance in the office. An efficient divorce is in everyone’s interests.