When Arizona couples get divorced, they know that they have a lot of things to work out. They’ll most likely be having discussions about child support, alimony, who gets the home, and all of the other discussions that need to be had when a marriage is being dissolved. As difficult as these conversations are, the entire process is ramped up exponentially when businesses are included. Ownership of a business can affect what happens during a divorce. People who are going through a divorce need to weigh their options carefully so that a fair resolution can be reached.
How can a business affect what happens during a divorce?
If the business you own is a busy one, having to deal with it while negotiating a divorce settlement can become extremely time-consuming. You’ll most likely have to adhere to requests for documents, attend court appearances, and tend to a host of other things that happen during a divorce. You may need to work out an arrangement with your employees so that you can take the time that you need to deal with the divorce.
The business itself is most likely going to factor into your negotiations. Depending on how the business is set up, you may have to consider dissolving it, agree to share the business with your soon-to-be ex-spouse, or sell your share or buy your spouse’s share in the business.
In order to avoid a lot of the issues that could pop up during the divorce, it may make sense to discuss possible plans for the business prior to heading into proceedings. Doing some groundwork beforehand may alleviate some of the bigger issues down the road. A lawyer may be able to answer some questions for you.
Where can people go for advice about how to handle a business during a divorce?
Business ownership makes the process exponentially trickier. People who need help figuring things out may benefit by working with an attorney who has experience dealing with the financial aspects of a divorce.