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Things to know about undergoing a divorce as a business owner

On Behalf of | Mar 22, 2021 | divorce

Owning your own business in Florida can complicate your personal financial situation in the event of a divorce. It’s always a good idea to consider prenuptial or postnuptial agreements to protect your business in the event that a divorce happens. If you’re not quite sure how your business could change after a divorce, we’re going to open your eyes by sharing with you a few different things that may change.

Fewer working hours

The divorce process is both time-consuming and emotionally draining. Before you even get into how or if any of your business goes to your ex, you’ll already start to experience the first major change in your business. This change is that you’ll have fewer working hours to commit to growing your business. We’re all human, and the divorce process will inevitably pull your attention away from your business. Whether it’s answering phone calls from your divorce lawyer or attending a home appraisal, there are many needs that will capture your attention.

Loss of ownership stake

If the judge decides that your ex-spouse is entitled to some of your business, it can be daunting to think about the impact. This holds especially true if you have partners. Your ex may be awarded shares in the company, and this could entitle them to make decisions regarding the future of your business. You’ll want to talk with your attorney to try and enact some restrictions on what your former spouse may and may not do with their stocks in the company.

Getting divorced is emotionally taxing and time-consuming. When you have a business on the line, it can be even more frustrating to deal with. By understanding the different ways that your business can be impacted by a divorce, you can work with your attorney to plan a viable strategy to limit the damage.