For some business owners, it can take years to develop a dependable customer base. They put significant effort into growing their name and reputation in the community, and are committed to adapting to the needs of their customers. When they experience challenges, they create a plan to address these problems so that it remains business as usual.
When a business owner is going through a divorce, it can be very difficult to remain focused on the day-to-day business operations. Divorce is often extremely stressful, and can place a lot of pressure on all of those connected to the process. This may cause these individuals to exercise poor judgment and make decisions that could potentially ruin everything that they had worked so hard to build and maintain over the years.
In a divorce, the couple’s marital property will be subject to division between the spouses. Under New York law, this does not mean that each side will automatically get 50 percent of these assets; it means that each spouse will get an amount that is considered to be “fair.”
This is where many of the disputes that occur in divorces often arise. Each spouse will contest the value of certain assets during the property division phase, which may require a comprehensive analysis of the assets present at this time. This includes the value of the business, as well as any income that one of the spouses may receive from the operation of the company.
It is important that individuals considering filing for divorce obtain as much information as possible about their financial situation before moving forward. Once the divorce is filed, the other spouse may feel less obligated to willingly turn over these documents.
Business owners need to be especially careful during this part of the process. In some situations, they may be forced to sell their companies during the property division phase. It may require them to give up other assets in exchange for keeping the business running, which could lead to serious problems in the future.
Once your divorce is final, you want to be in a position to continue to operate for your customers. If you are considering filing for divorce, it is important that you begin making preparations as soon as possible, even if you are trying to save the relationship.
You need to be ready for whatever may happen, and failing to plan for the next steps may leave you in a very dangerous position if things start moving forward. Speak to an experienced family law attorney about the specifics regarding your situation. An attorney can advise you on some of the things that you can do to protect your assets throughout the divorce process.