Will a divorce affect your family business? Well, the short answer is almost certainly it will. However, you can conduct a smooth transition with your divorce, even when there’s a family business involved.
Divorce can be an incredibly difficult process, and when it involves a family business, it can be even more complex. It is essential that divorcing couples take the necessary steps to protect their business and their financial interests. With the help of an experienced attorney from Beckstrom & Beckstrom, LLP, they can ensure that the divorce has minimal impact on the family business.
Staying Together…in Business?
It’s important to note that the marriage and the family business aren’t the same entity in the eyes of the law. It’s possible that you decide to dissolve your marriage but keep the family business intact. This can be the right decision for you if the contributions have been entirely equal and close contact wouldn’t be a problem for both parties involved. Your attorney can help to clearly hash out the parameters of your new family business.
Splitting a Family Business After Divorce
The other option on the table is splitting up the family business. In many cases, one person may take over the business while the other partner exits. Divorce can also create legal complications for family businesses that need an attorney’s help to sort out properly.
For example, the couple may need to transfer ownership of the business to one partner and divide any profits it generates. Furthermore, if the business is held in joint assets, the couple may need to come to an agreement on how to divide those assets. This can be especially challenging if the couple has invested a significant amount of money in the business.
Getting Help With Your Divorce
Divorcing couples who own a family business should consult with a qualified attorney to ensure that any legal and financial matters are handled properly. This can help to reduce the financial and emotional impact of the divorce on the business. Beckstrom & Beckstrom, LLP is a full service law firm specializing in boutique litigation and divorce proceedings like divorce with a family business.