If you are a business owner, you worked hard to build everything you have now (and you are still building). You have overcome numerous obstacles, celebrated many successes, and in many ways, made your business your life’s dream.
Being an entrepreneur can be hard on a marriage, though, and divorce has the potential to seriously interrupt – if not completely derail – your career.
Ways That Divorce Threatens Your Business’s Future
A divorce itself is time-consuming, costly, and distracting by nature. There are legal fees to be paid, paperwork to fill out, meetings to be had with attorneys, court appearances that may be required. How time-consuming, costly, and distracting your divorce proves to be depends on the nature of your divorce, but if it is not handled with care, you could find yourself in a tough position of…
- having to leave the office more frequently (thereby not spending as much time growing your company).
- having less mental energy and focus for work because you are stressed about the divorce or the possibility of losing access to your children (thereby potentially missing out on opportunities, or putting problems at work on the backburner rather than solving them).
- losing significant assets in alimony, child support, and court costs (thereby putting the future of your business at risk).
If your divorce causes any negative publicity, it could affect your business’s reputation and deter current or future clientele.
There is much at stake! That is why it is so important for business owners to approach divorce with thoughtfulness and preparation. Here are a few suggestions for how you can minimize the disruption of your divorce when it comes to your business:
1 – Keep The Litigation As Amicable As Possible
The messier and nastier your divorce ends up being, the greater the chance it will hurt your business. Divorces with more conflict take longer to resolve and cost more in legal fees because of that time. Now of course, you cannot control your spouse’s actions, but it is strongly recommended that you do everything in your power to keep the peace.
Do not antagonize your spouse or incite unnecessary arguments. Refrain from corrosive communication. Make compromises when it is appropriate to do so (although, you should never have to compromise completely on what matters most to you). Work together with your spouse or through attorneys to find a way of dividing your assets and your parental responsibilities in a way that makes sense to both of you! This may even mean exploring mediation or alternative dispute resolution strategies.
When keeping the peace gets hard, remember the “why.” You are laying a better foundation – financially, legally, and emotionally – for your life and your business in the short and long term.
2 – Delegate To People You Trust
Even the most amicable divorce will take some of your time and attention away from your normal responsibilities. This is a critical time for you; the business decisions you make now have the power to affect your operations and profits for years to come, but the way your marriage ends will also affect your well-being for years to come. You need to be able to delegate some of the less urgent matters both at work and at home, if possible, to others you trust.
Consider asking key leaders at your business, if you have them, to handle meetings or paperwork or other minor tasks that are usually on your plate, at least temporarily. If you have supportive family members in the area, ask them to assist with grocery shopping or house chores or pickups/drop-offs for your kids (if you have them). It can be tough to ask for help, but delegating will expand your capacity to focus on the divorce more without worrying that your business will fall apart because of it.
3 – Work With A Law Firm That Has Experience With High Net Worth Divorces
Divorcing with a business in the mix, or with significant assets, is different than a typical dissolution. There are many business documents (such as operating agreements, buy-sell agreements, partnership or shareholder agreements, and others) that will need to be carefully reviewed and likely altered in light of the divorce. You may require additional protection for business assets to avoid losing them to your spouse; for example, if your spouse is privy to trade secrets, those will need to be protected.
A team of attorneys that is used to the special considerations of high net-worth divorces will have more experience and be better equipped to handle your case! They will be able to advise you as to how to minimize the amount of alimony and/or child support you pay, whether or not your prenuptial agreement (if you have one) is enforceable in this situation, and whether or not mediation may be in your best interests. They can work to prevent your spouse from taking half of your business!
Rely On Divorce & Mediation Law Firm | Cabanas Law Firm To Protect Your Business During Divorce!
Our attorneys at Divorce & Mediation Law Firm | Cabanas Law Firm understand that your business is your identity, and a divorce – no matter how tumultuous – should not compromise that! We work with other trained tax and estate planning professionals as well as forensic accountants to give you the clearest picture of what will occur during and after your divorce. Our top priority is ensuring that your interests prevail in the divorce and that you feel confident in the direction that your life and your business are headed.
Our bilingual law firm has years of experience handling divorces for business owners, executives, doctors, and other high-net-worth individuals in South Florida. We are 100% dedicated to divorce and family law. We know that your goals are unique, so we give your case the personalized attention it deserves! Our approach revolves around efficiency and speed. We want to resolve your divorce as quickly as possible in order to minimize the disruption to your business and help you adjust to your new normal.
Call today to schedule a consultation with our team and learn more about your next steps!