How Divorce Can Impact on Your Business
As any entrepreneur knows, it can take years of hard work to build business just as it takes work to keep a marriage on track. Unfortunately, there are plenty of examples of business owners seeing their marriage and business derailed during and after a divorce if they fail to plan in advance and take legal advice.
42% of marriages are said to end in divorce and a good proportion of those cases are likely to involve business owners. Working long hours and being away from home for long periods can all lead to problems with marriage but its what might happen in a potential divorce which should be of equal concern.
A business like anything else owned by either partner in a divorce may be considered a valuable part of a divorce settlement if either partner is the sole owner. There may even be occasions where an ex husband or wife could walk away with half the business.
To prevent this happening, it is worth taking legal advice at the earliest opportunity. A business even if a former partner put no work into it can’t always be treated as a separate legal entity. A solicitor can advise you on the steps to take to protect your business and its assets during the divorce.