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Atlanta High-Asset Divorce Law Blog

Protecting your business: What can you do?

As a small business owner, a divorce is probably one of the last things you wanted to have to deal with. You want to protect your business in divorce, but you know that having the business during your marriage means that your spouse is likely able to seek a portion of your business even if they weren't involved.

Around 40 to 50 percent of marriages in the United States end in divorce. It is no secret that they have a major impact on businesses across the country. Not knowing what kind of settlement you will have or how long your divorce will take can make it difficult for you to continue running your business actively. For some, meetings and negotiations for the divorce take precedence over the meetings in negotiations needed to keep the business running.

A high-asset divorce often includes credit-card debt

As you begin to tackle your high-asset divorce, you'll turn most of your attention to taking steps that allow you to secure as much property as possible. While compromise and negotiation are a must, the right strategy puts you in position for success.

Just as you have many assets to divide, you may also have questions about what happens to your credit-card debt. Sweeping this under the rug could cause you additional trouble down the road.

Consistency is 1 goal of parenting plans in child custody cases

Child custody cases are often challenging to work through. Since you and your ex aren't getting along very well due to the divorce, it might be hard to come up with resolutions the matters in the custody case. As you are working through this, you must remember to keep your children's interests first.

There are many different components of a parenting plan. When you are trying to work through these, consider what is best for the current situation. What you need to include in your plan isn't going to mirror what another person had to include in theirs.

Can I divorce-proof my business?

Some couples stave off divorce for the sake of the kids. But when couples co-own businesses together, making the decision to split can be just as emotionally fraught because they are economically yoked to the same income stream.

It might not be just the financial ties that bind. It's possible that the parties are both emotionally invested in the success of the enterprise. Neither wants to walk away from it or step down from the day-to-day management of its operations.

Keep your private life out of the public's eye during a divorce

Nobody wants to air all their dirty laundry in public -- and that's especially true when you have significant wealth to your name and belong to an elite social circle. Yet, keeping your private life actually private may not be the first thing on your mind when you're going through a divorce.

However, it probably should be. What are the consequences of an overly-public divorce battle with your spouse? Consider these:

3 tips for protecting business assets in a divorce

Building a business and maintaining a marriage are actually similar in many ways; both require the investment of time and effort, but both are vulnerable to changing circumstances and misfortune. If you have established a successful enterprise during your marriage, you may be worried that a divorce could end your business, too. While divorce does impact finances, you can manage this by protecting assets. 

The following are three tips that can help you accomplish this and safeguard your business in the process. Going through a divorce is difficult enough—you should not have to worry about the future of your company, too. Consider these tips as you consider finances in your separation. 

Finding assets is a vital part of the divorce process

There are some marital assets that are easier to forget about than others. For instance, you might not think much about digital assets that you don't access regularly, like stocks you manage online or even savings accounts you don't regularly access.

It's important to make sure you know as many of your assets as possible, along with as many of your spouse's assets as possible, when you file for a divorce. If you get through the entire divorce and forget an important asset, then there could be a chance that you can't get it back and won't have a right to anything further. An exception would be if your spouse intentionally hid an asset or lied about it. That could result in seeking a modification to your divorce and settlement agreement.

Financial support from your ex might be possible during divorce

When you've stayed at home to raise your family and keep the house running smoothly, you don't expect that you are going to have to head back into the workforce to support yourself. If you go through a divorce, this might be one of the difficult things that you have to do.

People who do stay at home instead of working are often seen as less desirable for many positions in the workforce because they don't have the experience that many employers look for. They might not possess up-to-date skills that enable them to do the jobs that are available.

Co-parenting during the school year: 5 tips to follow

With the school year in full swing, there could come a point when the co-parenting decisions you make significantly impact your child in some way. With the right plan in place, both you and the other parent can work together to ensure that your child has the best chance of achieving success in the classroom.

Here are five co-parenting tips to follow during the school year:

  • Communicate often: You don't have to go overboard, but the way you communicate with the other parent is important. If you ignore each other, you could make conflicting decisions about your child's education that harm them in the end.
  • Let the teacher know your situation: For example, if your child's teacher sends out regular emails, supply them with both parent's email addresses.
  • Attend parent-teacher conferences together: This is easier said than done, but it goes a long way toward keeping both individuals in the know. It will also help your child feel better about their family life.
  • Share a calendar: There's a lot going on during the school year, so sharing a calendar will keep both of you on the same page.
  • Be proactive: Maybe your child is struggling in a particular class. Or maybe your child is shying away from a certain conversation. You need to be proactive at all times, which means communicating concerns with the other parent.

Have you laid the groundwork to receive spousal support?

In past decades, alimony — now referred to as "spousal support" — was a given for many divorced women. But times have changed, and such is no longer the case in 2018.

But just because it is no longer obligatory doesn't mean that divorced women (and some men) might not need it to get by financially. If you are planning to divorce and ask for spousal support, you need to do your homework first.

  • Family Law attorney in GeorgiaOrdway again selected by Atlanta Magazine as a top Family Law attorney in Georgia.
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