Divorce is a hard enough time but when you own your own business, managing your divorce and keeping your business alive can be extra challenging. Here are some tips from Board Certified Dallas Family Lawyer Michelle May O’Neil of O’Neil Anderson:
- Be an open book. Don’t try to hide anything from your spouse. When discovered, the divorce judge may very well impose greater punishment than the value hidden.
- Hire a good forenic accountant to evaluate the business. If the business is community property, the value of the business to the community estate will be an essential question in the divorce.
- Know the difference in personal goodwill and commercial goodwill and how that difference may affect the consideration of your busines sin the division of your community estate and divorce.
- The declining economy may have removed much of the liquidity from your business, which may affect the cash available to pay the increased expenses of separating and paying divorce lawyers.
- If both spouses work in the business, it is best to pick one who will stay in the business and one who will exist. Rarely can people who cannot stay married to each other remain business partners.
