While some effects of divorce can be constant, some are unique depending on the circumstances of a case. And one of such circumstances is owning a business. As a business owner, your divorce may be challenging. But you can make it more manageable.
Here are two tips to help you:
Work with a business valuation expert
A forensic accountant, if possible, one who specializes in divorce cases, should be on your team if you are going through a divorce as a business owner. The expert will help you accurately value the business. In turn, you can determine the best way to approach its division.
Note that your soon-to-be ex-spouse may also hire a business valuation expert. The two professionals may confer and agree on a value, or they may disagree on the value.
Working with a business valuation can save you and your spouse a lot of disputes and help you attain a smooth transition into business operations after the divorce.
Separate your personal and professional lives
Divorce can affect every aspect of your life, including your business. You may not have the motivation to run it as before. While this is understandable, you need to do your best to protect your reputation.
Continue to meet the needs of clients and avoid publicly discussing the divorce. The latter is discouraged even among people who don’t own businesses, as what they post can negatively impact their interests. However, in addition to this, business owners risk harming their professional reputation when they publicize their divorce.
If you are emotionally drained, you can take some time off to avoid making mistakes that may significantly cost your business.
Your business may be a marital property even if you started it before marriage. Legal guidance can help you find the best way to proceed.
