Divorce and Business
Many of the Connatser family law firm’s clients are high-level business executives and entrepreneurs. When a business is the major asset in a divorce, Connatser attorneys realize how important it is to retain the business and protect its value. A family-owned and operated business is often the key element determining the future of the family.
Maintaining the business is especially difficult when both parties play an active role in creating and running it. The question then is who will run the company after the divorce is final and how will profits be shared.
More common is the situation where one party runs the company and must find other assets to compensate the spouse for the loss of the business. In those instances, we get very creative, finding ways to keep the company running and thriving while satisfying the party who will no longer have an interest in its survival.
Nothing is more threatening to the success of a business than the uncertainty of the owners’ divorce. Customers want to know if the business will continue to serve their needs. Potential customers hesitate to make commitments. Employees worry about their jobs.
Unless the company has a written policy covering succession, there can be questions about whether one party can even become an active owner. Connatser Family Law attorneys know how to create the greatest protections for clients.