California couples who operate a business together and who are also getting divorced should consider how they plan to handle the business. Some may decide to divide it up, while others may opt to continue working together. Regardless what is decided, there are certain ways couples can address the issue while they are going through the divorce process.
There should be a clear separation of the financial, emotional and legal matters. Divorcing couples should also specify what the necessities and the desired results are. This is helpful in preventing personal matters from making business relationships more complicated than they should be.
Both parties should not be hesitant to ask for assistance when handling legal and emotional issues. With regard to separating a business, using a mediator that has financial and business expertise may be helpful in exploring what options are available. Counseling may also be necessary to address the emotional issues that may make it difficult to obtain the best resolutions for the divorce and business.
Knowing what is expected of each party and their specific role at the business can help prevent conflict. This will require that the divorcing couple redefine their relationship. The goal is that each party will not feel the need to micromanage the other. Having communication and well-defined roles also eliminates the need for constant collaboration, which could result in an emotionally charged work environment.
An attorney who practices divorce law may advise clients about their legal options regarding these types of complicated issues pertaining to property division. This may include how business assets may be reallocated between the spouses or if the business should be listed for sale with the eventual proceeds divided.
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