Finding yourself in the midst of considering a divorce is never easy. However, when you co-own a business with your soon-to-be ex-spouse, that storm can get even rougher.
During the collaborative divorce process, both spouses commit to working out the terms of their divorce outside of court, which can save time, money and help maintain the family unit and the family business. By staying away from litigation, couples will have more assets available to consider that can help their business continue to operate. More assets generally means more choices.
When a couple owns a business together, they can work together, alongside a neutral financial expert, to discuss each person’s goals and work to determine via strategic planning what options are best for the business moving forward.
By using this process, your private and sensitive information about your business will not be made public. You will have more control of your business assets, the cost and timeliness of finalizing the separation will be less costly and usually occur in a much shorter period of time.
When couples work together to find a mutually agreeable plan, the business can continue to grow and provide a viable stream of income for both of them after the divorce is finalized.
Our team of experts can help you and your spouse learn to move forward with your marital dissolution while keeping your business intact.
The Collaborative Practice of San Diego is a nonprofit, multi-disciplinary referral network of independent professionals of attorneys, mental health professionals and financial advisors working together to learn, practice, and promote Collaborative processes for problem-solving and the peaceful resolution of family law issues in regard to co-parenting, with an eye toward preserving the emotional, as well as the financial and business assets of the family.
Contact us today to learn how to develop a separation agreement that can be mutually agreed upon by both of you that includes your business!
Note: This information is general in nature and should not be construed as legal/financial/tax/or medical advice. You should work with your attorney, financial, medical or tax professional to determine what will work best for your situation.