Title: How might divorce affect your business?
With your decision to divorce and your obligations as a business owner in New Jersey, you have a lot on your plate. To keep your life change from spilling over onto your company more than necessary, learn more about how divorce may affect commercial operations.
Forbes examines what happens when business and marital splits intersect. Learn how to minimize the fallout of divorce as an entrepreneur.
Employees and partners
If your soon-to-be-ex-spouse wants a claim to your business in the divorce, it may impact your employees and partners. For instance, your current spouse may become an unwelcome partner, which may disrupt business operations. If your spouse obtains business shares and sells them, that may also send ripples through your company. If you feel any of these possibilities could happen, work with your employees, partners and divorce professionals to minimize risk.
Even if your current partner wants no part of your company in the divorce, your marital split may affect your work. You may find it hard to concentrate or bring your all to running your company. Think about adjusting your schedule to accommodate court dates, meetings with your legal representative and personal time for self-care. Further, you may have to gather business and financial documents for court appraisal, which may require help from your staff.
If your soon-to-be-former-partner has an equal partnership in your business, prepare for the possibility of shutting the doors on your company entirely. You may lack the liquidity for your marital and business partner’s cash payout, or your divorce may hamper business operations more than you anticipated. Either scenario may force you to shut down your business.
You do not have to react to your divorce rocking your business. Instead, get proactive to safeguard your commercial endeavor.