Important considerations for business owners getting a divorce

Running a business can be full of stress, and the same often applies to getting a divorce. When you put these two together, your stress levels may reach an all-time high. 

If you own a small business and are going through a marital breakup, you are sure to face some unique challenges. Here are some important questions to ask as a business owner getting a divorce:

Who will run the business?

This is an issue that needs your immediate attention if both you and your spouse are the main operators of the company. If you are able to be respectful and amicable enough, you may be able to continue running the company together. However, if the profitability or efficiency of your organization is at risk by having both of you run it, you may need to explore other options. 

What is the value of the business?

One of the most crucial steps to take is getting a business valuation from a forensic accountant. This will determine how you divide the business. Make sure you and your spouse only hire one individual or practice to place a value on your company. If each of you hires your own people who disagree about the value, you both will be spending way too much money. Getting a valuation from a neutral third party is the best way to go for your wallet and your sanity.

Is the business worth fighting over?

You need to think about whether your small company is worth spending thousands of dollars on during your divorce. If you and your spouse keep battling it out over the business, you will just end up losing money. Not all small businesses are worth the fight. Once you get a valuation, consider your strategy. 

It can be scary to think about what will happen to your business during your divorce. But if you have good representation and proper accounting, you are sure to have a good shot at protecting your business.

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