I’ve seen many businesses suffer, and some collapse when one of the owners is going through a divorce. It can have an even more significant impact if the business consists of co-owners who are married or where spouses work together at different levels of seniority.
During this time, I have seen first hand the impact that a divorce can have on a business, not only for the person going through the divorce but also the other business partners, staff and clients.
How I Help Business Owners
I understand that running a business can be stressful and all-consuming at the best of times. And when a marriage breakdown is thrown into the mix, this stress is multiplied so much more.
I help business owners navigate this difficult time in their life and give them sound legal advice. I ensure that they can begin to manage their stress level, focus on their business and begin to move forward with their life after their separation.
I do this by sitting down with you and working through your situation, from there, we map out what the separation process will look like and how long it will last. We’ll also discuss, in general terms, what will happen to your business during this time and discuss options that may be worth implementing to ensure its continued success during your divorce.
How I Help Married Co-Owners
When a business is ran by co-owners who are married and decide to separate things can get messy. In addition to your marriage breakdown, you’ll need to find a way to continue to work together to keep your business going. You’ll also need to figure out what will happen to the business after your separation has been finalised.
I help co-owners by providing up-front and practical information about the process of going through a separation and running a business at the same time.
Of course, I will only be able to act for one of the parties during the separation, but I do this with the focus of making sure you can move forward after the divorce, whether that be still in the business or if you’ve made the decision to leave it too.
How I Help Business Partners
I understand that your divorce can be a stressful time for your business partners too. After all, I’ve been in that position several times, and it’s not a fun one to be in. I act as a sounding board for questions that partners might have about the process and impacts it may have on the business.
I do this by firstly working with you and getting a clear picture of your business’s and separation’s situation. I’ll then sit down with you and your business partners to explain the entire legal proceedings that you will go through and what this means for the business.
During this meeting, we’ll discuss what a business valuation looks like and what potential issues and risks might crop during this time. We’ll also map out a timeline for the matter and discuss who else on staff needs to know about the upcoming disruptions.
Book a Situation Analysis
If you're in the early stages of a separation or you are unhappy with your current representation, then a Situation Analysis can help you assess where you are at and plan a pathway forward.
The Show Must Go On...
- An overview of the impacts a separation can have on your personal life & business.
- A summary of the complexities small business owners will face when going through a separation.
- An explanation of the family law process that small business owners will face.
- Ways small business owners can limit the stress and impact that their separation has on their business.
Family Law Resources for Small Business Owners
Spousal maintenance can be ordered by a court or awarded by arbitrator where one person is in a difficult financial position following a separation and requires funds to be able to support themselves. Section 72 (1) of the Family Law Act provides: “(1) A party to a...
After a divorce you need to be careful when starting a business. If you do decide to start a business there are a few things you need to be aware of: If you have not already formalised any property settlement any business you start is likely to be included in the pool...
It is common for families to set up a family trust during the course of their relationship, usually upon the advice of their accountant. It is especially common for people who own their own business and they are often used to legitimately split their income in order...