While every couple intends for their marriage to last forever, this doesn’t always happen. In fact, statistics show that nearly 41% of first marriages occurring throughout the United States will end in divorce. There are many reasons someone might file for divorce including infidelity, money issues, or a lack of communication. When a marriage ends, it doesn’t matter which type of profession you have. Therefore, business owners are often left wondering what to do after sending or receiving divorce papers. In this post, you’ll learn why business owners need lawyers during divorces.
Understanding Which Type of Property You Own
During divorce proceedings, many couples share property together. In most cases, this property will be a home. That being said, businesses are also defined as a type of property. Considering that, it’s important to know when you started this business. Separate properties are those you claim sole ownership of before getting married. Martial properties are what you need to worry about. These properties, in one way or another, involve your spouse. Considering that, a divorce for business owners can become stressful. Many people who are going through this event contact divorce lawyers. In turn, a divorce lawyer will be able to help you figure out which property is marital versus separate.
Business Strategies to Protect Your Company
If there’s any way your company is considered marital property, it must be protected. You’ve likely spent countless hours building your business. Fortunately, divorce lawyers for business owners can help make this happen. There are certain strategies business owners can implement, possibly protecting your company from a greedy spouse. That being said, there is no standard divorce process which means it’s wise to contact a lawyer. This ensures you’ll have someone researching legal methods for protecting your company during a divorce.
Coming to Agreeable Terms with Your Spouse
In worse case scenarios, two parties getting a divorce will be unable to agree on anything. During these times, business owners might need someone to help mediate this situation. Fortunately, divorce lawyers are often called on to help two parties come to a reasonable agreement. In some cases, the other party in your divorce might want money instead of business ownership. While it might be a burden, paying your spouse is often far better than engaging in a legal battle.
In conclusion, a divorce for business owners involves much more than standard proceedings. During these types of divorces, company owners are often risking the future of their respective businesses. In order to minimize these risks, it’s best to contact a lawyer who represents business owners during their divorces. One study found that the length of an average divorce throughout the United States is one year. However, a divorce for business owners could take longer. In order to minimize the time and stress that comes with divorcing, contact a lawyer right away.