Georgia family business owners can attest to how difficult it is to start and build a small business up to the point of thriving success. Making a small family business profitable takes years of determination, hard work, and personal sacrifice. Divorce can have a significant impact on your establishment; therefore, it is imperative that you protect yourself and your business interests by seeking an experienced Georgia divorce attorney who can help you navigate these muddy waters.
“Division of Assets” Includes the Business Assets
When two people divorce, marital assets are typically divided, and this can include assets from the family business. This often brings up concerns for a couple who is heading into a divorce with a family business: Can the future operations of the business be preserved after the divorce? The best way to ensure that your family business survives the end of the marriage is to be aware of what to expect and to avoid common pitfalls of divorce.
Preparing for the Divorce With a Family Business
If the couple owns one, the family business is often the most crucial asset in a divorce. Therefore, a significant element of your strategy will be preparation for the divorce. You should consider the following ideas to ensure that you receive a reasonable and fair property division order:
- Do you have an accurate and current business valuation?
- Do you have a list of all business-related assets?
- Is your spouse hiding any business assets from you?
You will also want to consider the most important question: If your spouse allowed you to retain possession of the family business and all of its assets, would you be able to afford to keep it? You should have a clear vision of what your future looks like beyond the divorce, as well as an awareness of what is truly the most beneficial path for your family business.
Do You Own a Family Business?
Divorces significantly change the lives of everyone involved in many ways, one of those being financially. During your pursuit of a fair and equitable final property division order, you may find that consolation comes in the form of having your legal options fully explained to you by an experienced Georgia divorce attorney. You might plan to attempt to settle your divorce outside of court by continuing to own the business together, buying out your spouse, or selling the business and splitting the proceeds, as Forbes suggests, or litigation might be required. Regardless, it is advisable that you are aware of how to protect your family business and your rights during the divorce process.
It is wise to focus on securing a stable post-divorce arrangement for your future, rather than allowing your decisions to be driven by emotions during this sensitive time in your life. Contact one of our compassionate Georgia divorce lawyers at Vayman & Teitelbaum today for a consultation about your impending divorce and how it will affect your family business. We will guide you through the steps that you need to take to protect your assets and make the best decision for your financial future and the future of your family business.