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How will your divorce affect your business?

On Behalf of | Mar 9, 2023 | Divorce

You worked hard to build your business from the ground up, and you want to ensure that your company is successful for years to come. A divorce can impact various aspects of your life, including your finances, and you will want to do everything possible to ensure that you have a strong future after the process is final. The financial aspects of divorce are particularly complicated for individuals who own small businesses.  

If you own a small business, you likely have concerns about how a divorce could impact your company going forward. It is in your interests to prepare well for what is ahead, including protecting your company during and after this process. One of your goals may be to ensure the future success and long-term operations of your business, and you can do this by being intentional and making practical decisions during your divorce. 

It doesn’t have to mean the end of your business 

You may fear that your divorce will bring about the end your business, but that does not have to be the case. However, divorce does require a division of marital property, and that may include some or all of your business assets. Some important considerations for you during this time may include: 

  • You may be able to negotiate terms that will allow you to keep your business intact in exchange for other assets. 
  • If your spouse is involved with the day-to-day operations of your company, you will have to determine how to move forward without disrupting the health of your business. 
  • It is helpful to have clear records regarding the finances of your company, as this may help determine an accurate value for the business. 

Navigating a financially complex divorce, particularly one involving closely held assets, can be difficult. With your small business at stake, you will benefit from having a clear understanding of how you can protect your assets and the future of your business. 

Don’t take one step alone 

You will find it helpful to have experienced guidance as you consider how a divorce could impact your company and what you can do to ensure that the end of your marriage does not mean the end of your business. Speaking with a knowledgeable professional can provide you with insight regarding the best way forward and how you can seek the best outcome for your personal finances and your New Jersey small business.