16 Aug Business Owners Divorcing – Tips on Working Through It
A surprising common denominator in failed businesses is divorce. It is the culprit in many tales of business collapse. A poorly handled divorce can mean a one way ticket to Bankruptcy Court.
- It may be too late now, if you are in the throes of a divorce, however, PRENUPTIAL AGREEMENTS or buy-sell agreements, there can and usually is a long legal battle over the value of the assets. It’s often very difficult for couples to separate their emotional torment from the business side of valuing a company. No one ever goes into a marriage thinking about divorce, but it’s important to think seriously about the possibilities of it before things turn ugly.
- It’s vital that you are sure that YOUR LAWYER IS WORKING FOR YOU. Streamlining this process is vital. The longer it drags out, the more expensive it becomes not to mention the emotional toll it takes on all parties involved. It is sometimes tempting to want to inflict suffering on the other party in return for what you are going through. Fight the urge…. A smart attorney who is looking out for your best interests will advise seeking amicable and ultimately less expensive solutions.
- It is best to hire one firm to evaluate the business. Two valuation companies means two sets of expenses. It is simply inefficient to spend all that money to get valuations… it is NOT money well spent.
- No matter how smoothly the legal proceedings go, you must prepare yourself for THE LASTING EFFECTS OF A DIVORCE. There is definitely a price the business will pay for the distractions that come from divorce. Even the most dedicated owner can lose focus.
What trumps everything else is the survival of the business. Make sure you find the best legal counsel available to you to help you navigate this very critical course your life is taking. In the end, it may be the best choice you have ever made.
Contact Business Owner Divorce Attorney Jeffrey M. Bloom
If you’re involved in a divorce and own a business and worried about the legal battle that could ensue without proper handling of the case, you may wish to speak with a divorce attorney such as Jeffrey M. Bloom. Legal experts are educated to know the ins and outs of this very often, highly emotionally charged process. Contact our West New York or Hackensack office today – (855) 208-3650.