Georgia business owners know firsthand how difficult it can be to start a business and work for success. It can take years of hard work, personal sacrifice and determination to make a small business profitable. Significant life changes, particularly divorce, can affect your company, and it is smart for you to take steps to protect yourself and the continued interests of your business.
Divorce requires the division of all marital assets, which could include your business assets. You may have concerns regarding what this will mean for the company you built, but there are ways you can preserve the future of your operations after divorce. One way you can do this is by knowing what to expect and learning how to avoid common divorce pitfalls.
Is the end of a marriage the end of your business?
For many couples, a successful family-owned business is the most important asset to address in a divorce. Preparation for your divorce could be a critical component of your strategy. Some of the things you could be wise to consider as you work toward a fair and reasonable final property division order include the following:
- Having a current and accurate valuation of the business and all business-related assets is important.
- Take steps to find any business assets you may think your spouse could be hiding before or during the divorce.
- Consider the value of the business in terms of potential financial support valuations and other assets — if you retain all business assets, can you afford it?
One of the most important things you can do is to maintain a clear view of what your ideal post-divorce future looks like. It is beneficial to keep your eyes on the big picture and proceed in light of what is truly beneficial for your business.
A stable, secure post-divorce future
Your divorce will certainly bring significant changes to your life, particularly in light of your finances. As you pursue a fair and equitable property division order, you may find it helpful to first seek a complete evaluation of your case and explanation of the legal options available to you.
Whether litigation will be necessary, or you will attempt to resolve disputes and settle out of court, it is prudent to be aware of the ways you can protect your rights and business interests in divorce. Instead of allowing temporary emotions to drive your decisions, it is smart to focus on securing an arrangement that allows you to have a stable and secure post-divorce future.