Although ending a marriage is a personal decision, the implications can affect one’s professional life too. This is especially true for business owners, as the value of their enterprise could enter division of property conversations. West Virginia business owners preparing for a divorce should consider how these four factors may play into the business impact of their divorce:
- Is there a prenuptial agreement? Prenuptial agreements are particularly favorable documents for business owners to have, as they can protect a business’ assets and growth in case of divorce. Those who have one of these agreements may find it easier to go through the divorce process.
- Is the lawyer experienced in family law? In a divorce, every asset and growth a couple experienced together could be implicated. With so much possibly on the table, getting a lawyer who is clear on what your interests are and how to protect them is key to a positive outcome.
- Is the spouse involved closely in the business? Family law issues surrounding a business the former partner helped to build, or where they worked, can change the situation at hand. This is especially true if they can claim they played a meaningful role in the growth of the business, or if they lost their job as a result of the breakup.
- Is the divorce amicable? Sometimes, the state of the divorce can have an impact on the outcome for a business. For example, in a more amicable divorce, the other party might understand how important a business is to his or her former partner and be willing to work with him or her to keep it intact.
Although many people endeavor to keep their personal and professional lives separate, it does not always turn out that way in life. One situation where the personal and professional can certainly overlap is in divorce. As listed above, one of the key ways to minimize the impact of a divorce on business impacts is to hire a competent and experienced West Virginia lawyer.