Ordway Law Group, LLC
Ordway Law Group, LLC
Divorce & Family Law

Divorce for entrepreneurs: End the marriage, not the business

| Mar 5, 2014 | Uncategorized |

Under normal circumstances, divorce can be a challenging and difficult time for Georgia couples. But what if the spouses co-own and operate a business? A divorce could have a huge impact on the future of their company and their livelihoods. However, if both spouses are interested in continuing business operations, there are ways of working around the divorce to keep the company flourishing.

First of all, couples should keep legal and financial issues separate from their emotional issues. Making decisions based on emotions can negatively affect the business. Each spouse should think about their needs in each of these areas and come up with plans and goals for each one. If necessary, an objective third party can be called upon to mediate these issues.

While it does not work for every couple, some have successfully continued working as business partners. If this seems like the best solution, it may be helpful for each spouse to take some personal time before coming back to work. Once the business partnership has resumed, the former spouses should communicate their expectations about the roles and responsibilities each of them will take on. Also, they should both agree on an exit strategy in case one of them wants to leave the business.

Each divorce is unique, with its own set of challenges. For Georgia couples who are business partners, the end of a marriage may also mean the end of a business if the situation is not handled with the proper planning and care. Therefore, it may be beneficial for couples in this situation to seek assistance with their financial and legal issues as they work to end their romantic lives together.

Source: entrepreneur.com, If You Run a Company Together, What Happens When You Divorce?, Kate Taylor, Feb. 25, 2014

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