High-asset divorce generally refers to separations between spouses who have a large number of particularly complex assets. These assets often include investments, real estate and valuable collections or antiques. This complexity means that Illinois residents often require a great deal of skilled legal.
Dividing the property is a challenge in and of itself. But, what happens when both spouses own a business together? What do you do if your spouse is also a co-owner of your company?
It’s a difficult issue, and as one marriage counselor stated, no answer is right for everybody. But, there are certain considerations that co-owners should make during the divorce process.
First and foremost, spouses should learn to separate their emotions from the financial and the business side of the divorce. Divorce is an emotional issue, and that emotion can make it more difficult to make the correct decisions when the time comes to consider the company’s future. Keeping emotion, financial issues and legal concerns separate can help the process go much more smoothly. This is advice that applies in all divorces, but it is especially true in complex high-asset cases.
Spouses should also be prepared to get a team together. Divorce is a life-changing process. It can be very difficult for many people to go through the changes that lie ahead of them. Spouses should consider speaking to a different professional for both their legal and their emotional needs. An attorney can help you with the legal aspects of the divorce and a financial advisor can provide advice for your business’ future. In many cases, spouses also turn to a divorce counselor for assistance with the emotional aspects of the separation. With the right assistance, divorcing spouses often find that they can reach an amicable solution that allows them to move forward with both the personal and professional lives.
Source: Entrepreneur.com, “If You Run a Company Together, What Happens When You Divorce?” Kate Tyler, Feb. 25, 2014