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Divorce can impact your business

On Behalf of | Jul 6, 2020 | Family Law |

Business owners often don’t think about how the decisions they make in their personal lives can impact their companies. This is especially true about the status of their marriages. If your relationship with your spouse is deteriorating, it might be time for you to explore how a divorce might impact your business. There are a few implications that you may want to avoid, so be sure to review each one as it pertains to your situation.

For some, the divorce can mean that the business will have to close. This often occurs when the two spouses are equal partners and can’t work out any other way to address ownership of the company. It can happen if neither party can buy out the other and there isn’t a valid way to keep the doors open.

If the business does stay open, the divorce can impact the daily operations. You might be distracted and unable to make decisions or give the company the attention it needs. There’s a chance that the workers you employ might have emotional ties to your marriage because they’re so accustomed to you and your spouse being present at the company.

In order to minimize the impact of your divorce on the business, you may have to draw a clear line between the split and the company. Discussing the future of the business with your ex through your attorney might be beneficial. You also need to ensure that you’re taking steps to protect the finances, including setting up a fair market salary for yourself, keeping company and personal accounts separate and documenting everything related to the finances.

Your attorney can help you learn what options might help you protect your company when your marriage ends. Consider these carefully and weigh how they will impact your company and your personal life. From there, you can develop a plan to move forward with the method you think is best.