When an individual owns a business, he or she may fear the effects divorce could have on the business’s ownership and value. Whether a person owns a business by him or herself or co-owns a business with his or her spouse, property division could have a considerable impact that could cause many individuals to worry. However, Washington residents may be able to take steps to ensure that they are working toward the outcome they find most desirable.
One of the first steps that an individual may wish to take is to ensure that he or she understands the assets involved and has a plan for the business’s future. By knowing which assets could be affected and how the divorce process could impact a business, he or she may be better able to determine which process — mediation or litigation — he or she would feel most comfortable utilizing. Having the proper paperwork in order could allow an individual to have a better grasp on the situation.
Additionally, understanding the value of the business and other assets can play a significant role, as can deciding how to run the business after the divorce. If the business is co-owned, parties may be able to continue working together after divorce. However, that may not always be the case for some parties, and, as a result, an individual may wish to have a backup plan for property division that includes compromise.
Business ownership often means a great deal to business owners. A business may represent a lifetime’s worth of hard work and dedication, and an individual may not want to have that symbol tarnished during divorce. If Washington residents are concerned with the property division process and how their businesses could be affected, they may wish to consult with their legal counsel in order to better understand their states of affairs.
Source: The Huffington Post, “8 Steps to Divorcing Your Husband Without Losing Your Business: Divorce Advice for Women Entrepreneurs“, Emma Heptonstall, Nov. 3, 2015