You’re contemplating getting divorced or separated from your spouse. But you’re worried about what the ramifications will be for the business that he or she helps run or manage. Can you still work in a professional capacity with him or her? What if he or she owns or partly owns or manages the business with you? Where are the legal implications? How can you manage office politics, whether you continue working together or not?
These questions are very deep, and they’re worthy of contemplation in your journal. The answers will depend on a huge variety of factors, including:
- The nature of the divorce (is it amicable or acrimonious?);
- You and your spouse’s relationship with the business;
- How good you and your spouse are at compartmentalizing business and personal life;
- The length and intensity of your relationship. (For instance, were you married for six months or 25 years?)
- The tax and business implications for different arrangements.
Unfortunately, even if you pick the “the best” solution for your business and your relationship today, that solution may not be “best” six months or five years from now. You havea fiduciary duty to your customers and your employees to keep your business running well and as “drama-free” as possible. Can you “silo” your relationship and your business, in a way that serves everyone’s needs?
For insight into these and other urgent questions regarding your divorce or separation, get in touch with the Toussaint Law Firm, PC for a free, systematic consultation today.