While divorce is of course difficult on families, a small business or a family-owned business may also bear a substantial burden from divorce as well. The founder of a software consulting firm recently recounted that his divorce cost his small business almost a quarter of his annual revenue, simply due to the time he had to be away dealing with issues related to his divorce.
Issues related to the ownership structure of your business, each spouse’s role in the company and the time period when business assets were acquired may all need attention and resolution during your divorce process. If questions regarding the business were not addressed prior to or during the marriage through a valid pre-nuptial or post-nuptial agreement, they will need to be addressed at the end of the marriage through the divorce proceedings.
A Virginia No-Fault Divorce May be a Lifeline for Your Small Business
One year ago, no-fault divorce became available in all 50 states. A no-fault, or uncontested divorce allows Virginia couples to seek a resolution to their divorce that is as simple and efficient as possible.
When one or both people are running a small business, taking time away from work to argue over assets or child support issues can have a major impact on the continued success of the company. Working with experienced Richmond divorce attorneys through a no-fault divorce allows you to remain in control of your divorce through mediation and negotiation, rather than long, drawn-out court battles.
Divorces that involve small businesses often involve high-asset individuals and complex valuation issues that must be addressed by a team of professionals. While it is impossible to say exactly how long a divorce will take, from start to finish, because each couple is different, a divorce doesn’t have to be the end of your small business.