An old joke about divorce goes like this:
Like all good jokes, there is a kernel of truth to it.
Although some divorces can be relatively simple and not extremely costly, divorces involving the valuation and division of a community business, a professional practice, or even the interest of one spouse in a family or separate business can be extremely time-consuming, frustrating, and expensive.
For the typical business person or entrepreneur, the divorce process involved with their business operation, particularly during disclosure and discovery, can feel like the worst IRS or bank audit that they’ve ever had nightmares about or gone through as the lawyers and financial experts comb through all of their financial records.
Not knowing what will happen to your business, especially one that you have spent years building, and how the Court may treat the respective interests in the business can cause extreme stress if not outright heart palpatations. Knowledge of what the process entails and what the issues are and options available to you may help ease your anxiety to an extent.
In a new five (5) part blog series, we will go through some of the most common questions, issues, and options that occur in a divorce involving a business. Look on our website this month each Friday for a new blog in this series.