There are plenty of horror stories out there of businesses that went down due to a nasty divorce. And while it is true that a particularly disastrous divorce could affect the viability of a business, such issues aren’t all that common, and there are ways to prevent things from going that far. Here are some tips you should keep in mind if you’re concerned about your divorce harming your business.
Tip 1 – Go see an attorney
Even if you haven’t brought up the topic of filing for divorce with your spouse yet, there is no harm in going to see a divorce attorney as soon as possible. As this link shows, some attorneys even offer free consultations, so there is no reason to put it off. And talking to a specialist is the best way to learn what you should expect out of your divorce negotiations, as the outcome of your divorce settlement will be greatly impacted by your local laws and legal precedents.
When hiring a family lawyer, it’s wise to seek experienced professionals who have dealt with high-asset divorces and business-related cases in the past. It’s not uncommon for divorce negotiations involving business owners to involve issues related to business and finance law, on top of the family law angle.
Tip 2 – Don’t wait around
Divorces are time-consuming, expensive, and complicated. This often encourages people to avoid the issue and stay legally married, even if their relationship is already over in practice. The problem here is that if you two are still married, any assets you gain while waiting around will be part of the division considerations down the line. As a result, waiting around can lead to drastically greater losses down the line, especially if your business experiences a growth spurt during that time.
Tip 3 – Avoid escalation
If you and your partner can’t settle your divorce through negotiation, then the case will go to trial and be decided by a judge. Getting the court involved in your divorce is an expensive and slow process that can turn this whole ordeal into a much bigger problem, and one of the better ways to avoid it is to be as diplomatic as possible.
It doesn’t matter who is in the wrong or what you believe your partner did or is doing. Throughout the negotiation process, you need to stay calm, roll with the punches, and let your attorney do the talking as much as possible. Staying collected and diplomatic is the best way to keep the divorce negotiation from turning into a protracted — and expensive — battle of egos that ends up in front of a judge.
Tip 4 – Get a support network
Balancing a stressful career with a stressful divorce is not easy. In fact, it breaks people, and you’ll find plenty of stories of executives who made terrible decisions or had full-on meltdowns because of that combined pressure.
Don’t wait until things get that bad before seeking help. Once you realize it’ll be a messy divorce, get yourself a therapist or a support group. A place where you can vent and get the help needed to get through this difficult time. You may also want to hire extra help or delegate stressful tasks to help manage your stress levels during the divorce negotiations.
