Particularly if you and your spouse operate a profitable and successful business, you should do everything possible to set aside your emotions and continue to run the business, even if your marital relationship deteriorates to the point of divorce. While it may be very difficult to do so, in the long run, having a profitable business is important to the financial health and future economic well-being of both spouses. Since in most cases, a family-run business is viewed as marital property, especially if both spouses have contributed to it in some way, the business is likely to be a significant factor in the property division that comes out of the divorce.
If a couple is undergoing an amicable split and still is able to perform daily business operations, they should do so, at least until they decide how they will divide the business in the divorce. Whether one spouse buys the other out, the business is sold and the profits divided, or the parties continue to operate as business partners following the divorce, it is in both parties’ best interests for the business to continue to perform at a high level.
Even in a less-than-amicable separation, each spouse’s role in operating the business may be sufficiently separate that the parties can continue to work together to run the business, at least while the divorce is still pending. For instance, if one spouse handles the day-to-day operations of the business, while the other spouse is responsible only for bookkeeping duties, then the two may be able to co-exist relatively easily. The ability to continue to run a business jointly, even in light of a divorce, is financially valuable to both spouses; however, whether the spouses will be able to effectively do so depends on their individual facts and circumstances.
Divorce, business, and property division matters can be very complex. Contact us or call today to learn how Shaw Law can work with you to achieve the best outcome possible for you and your children.
Scott Shaw is founder and principle of Shaw Law Firm LLC, founded in 1995 and dedicated solely to divorce, family law and child custody matters that must be addressed and decided in the state of Georgia. Shaw Law Firm serves the greater Metro Atlanta area, particularly the counties of Fulton, Gwinnett, Cobb, Cherokee, Forsyth, Paulding, Henry, Fayette, Coweta, Newton, Walton, Bartow and Douglas. Schedule a consultation today at 770-594-8309.