As a business owner, when you consider the option of a divorce, you also need to consider what the impact will be for your company. You have likely put a lot of money and effort into building it up and you don't want a change in your relationship to lead to a negative influence on your business. Divorce can have a significant financial impact but there are ways to handle it in a more efficient manner and to protect your assets.
There are a number of ways that you can go about dealing with the business in the event of a divorce. You and your spouse may choose to have one party buy out the other, you may sell it, you can try to continue running it together or it may even be considered separate property in some situations. Deciding which of these routes to take will be on a case by case basis and you will need to determine what the right choice is for you now and in the future. Depending on what you decide to do, there are different ways to go about handling the settlement agreement in your divorce case.
The state of Pennsylvania divides property through equitable distribution. There are a number of factors that will be taken into consideration during the distribution of property including the contribution of each spouse to the marriage, the length of the marriage, each spouse's employment and more. If you and your spouse choose to work together during this process, then you can have a greater say in what the final results are. For couples that are unable to work together to come to an agreement in the terms of their divorce, the case can go to the court for a decision to be made.
Often times, planning is key to protect your business. This may be through an agreement even prior to your marriage that sets certain guidelines about what happens to the business in the event of a divorce. A buy/sell agreement also has the potential of avoiding disagreements. If you are able to be on amicable terms with your spouse then you may be able to be proactive before and during filing. Avoid any debts and start separating your expenses if possible. Take inventory of what you have so that you are prepared when you do file. The value of the company will need to be determined so that the worth can be considered during the division or property. Valuation methods include evaluating the assets, the income or the market.
It is also recommended that you work with a lawyer who can assess your case personally and take steps to help you reach your goals. For representation in your case and to have a professional help you protect the business that you have worked hard for, get in touch with our Pennsylvania divorce attorney as soon as possible.