On behalf of Stange Law Firm, PC posted in Property Division on Wednesday, May 14, 2014.
Divorce considerations during a marital dissolution can range from the relatively few and simple to the many and complex, with each case being quite distinct. As we — and many other family law commentators — have often noted, every divorce is unique and needs to be approached with due appreciation of that fact by a seasoned and client-empathetic divorce attorney.
One element that can instantly render a divorce complex is the existence of a family-owned business. In many instances, such an enterprise becomes the core focus of property division concerns in a divorce proceeding.
When it does, there can be much to think about. For a family owned-business in the greater St. Louis metropolitan area or elsewhere in Missouri or Illinois, accurate valuation will be of key importance to ensure an equitable division of assets. So, too, will be each partner’s contributions to the business.
In some cases, a divorcing couple will buck the general trend and decide to continue working together in a business. As one media commentator recently noted, this belies the truism that “when the love dies, the business relationship ends, too.”
Most readers might likely view that it is not the easiest thing in the world for divorced spouses to continue working harmoniously on a common enterprise. Some people pull off the trick, though, making them what one researcher calls “copreneurs” who are able to clearly separate personal and working lives.
Whether a divorcing couple opts to sell a business or continue trying to keep it afloat following a split, timely and knowledgeable input from a proven family law attorney can help guide their decision.
Source: NPR, “When divorce leads to a happily ever after for a small business,” Yuki Noguchi, April 17, 2014