If you are an entrepreneur who is headed for divorce, you are right to be concerned about the future of your business and brand. In many instances, the divorce proceedings could damage your business, especially if you and your spouse are considered formal partners in the endeavor. Although there are horror stories out there about Michigan business operators losing their entire operation because of a divorce, it does not have to be that way. Our team of family lawyers can help you develop strategies that allow you to keep your business and dissolve your marriage without the upsetting side effects.
Property division with a jointly owned business does not necessarily entail splitting a business into two. Although the business and its financial value will be considered in court, the property division process will consider how long you have been married and your spouse’s role in the business operations. You need to determine whether it is appropriate to buy out your spouse or whether you are comfortable continuing in business together. You may be great business partners but crummy life partners! It happens more than you think.
Our team of attorneys can help you develop a plan that works toward a specific goal for the business. We will assist you with the legal support for either continuing to run the business or shutting it down for restructuring. If the business belongs solely to one spouse, the divorce can look a little different than if the company is jointly held.
Preparation is the key to success in any divorce, especially one with complex division of property. Set yourself up for success by taking steps early in the process to protect yourself and your business interests. That way, when the time comes, you will know what to expect and will be ready to participate in a civilized, smooth divorce.