There are an increasing number of family businesses operating in DeKalb County and across the country. As more and more Georgians enter both business partnerships and marriages together, it is important to protect yourself and your business in case you and your spouse divorce. Working with a family law attorney can help you figure out what you will need to do to ensure that you will not lose your claims to the family business just because of a break up.
Business and divorce bring a host of decisions and concerns that people in non-family businesses or couples that aren’t business partners never have to think of. It is extremely important to have a business agreement that not only lists the day-to-day details of running a business, but also indicates what will happen in case of a split.
One thing that should be talked about is how much of the business each individual owns and how shares can be sold or acquired. It would be extremely frustrating if a husband and wife divorced, leaving the husband with a majority of the shares and with harsh restrictions that prevents the wife from selling her shares to the business. If the agreement said that a former spouse cannot hinder the sale of an asset or share by the other spouse, it would protect both individuals’ rights to the business.
Some divorces really are easy and need very little help, but the more complex a divorce is, the more likely a family law attorney will be necessary. Attempting to navigate the family law issues while also dealing with the business issues and division of property makes it necessary to hire an experienced divorce attorney.
Source: Globe and Mail, “Divorces mess up firms as much as families,” Wallace Immen, June 4, 2012