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Complications can arise when divorcing spouses work together - II

A few weeks back, our blog discussed how divorce frequently involves a host of complex legal concerns outside of the more traditional issues of property division, child support, spousal maintenance and child custody.

In particular, we focused on the complications that can arise when couples who own a business together are in the midst of a divorce but also decide to keep their joint enterprise running as if nothing has really changed.

In today's post, we'll continue to take a brief look at some tips offered by experts to those couples confronted with the perhaps unnerving reality of running a business both during and after a divorce. 

Redefine more than just your relationship: As mentioned earlier, experts advise divorcing spouses running a business together to take the time to create so-called buckets that allow them to keep their personal concerns separate from their business concerns.

Interestingly enough, they advise taking this process one-step further by redefining or redrawing both roles and responsibilities in the workplace itself.

While this may seem unnecessary to some divorcing couples, experts indicate that clearly redefining roles and the tasks that accompany these roles can help cut down on superfluous collaboration and communication, an important consideration in the emotionally turbulent weeks and months following a divorce.

More significantly, they say, this step can help reaffirm that each spouse possesses a unique skill set that helps the business thrive, and verify the importance of working together in order to ensure continued success.

Be realistic about the future: Experts advise divorcing couples to keep their focus on the immediate affairs of the business, resisting the urge to look too far into the future and sparing themselves unnecessary anxiety.

At the same time, however, they also urge divorcing couples to understand that there is always the chance that situations can develop that directly affect a spouse's interest or position in the company. As such, the advise that splitting spouses may want to consider a relatively simple step such as amending the company bylaws to include a mutually acceptable exit clause in the event the business -- or the business relationship -- deteriorates.

Have you run a business with your spouse both during and after a divorce? If so, what was your experience like?

If you would like to learn more about divorce, complex property division, or other family law issues here in Texas, consider speaking with a dedicated and determined legal professional.

Source: Entrepreneur, "If you run a company together, what happens when you divorce?" Kate Taylor, Feb. 25, 2014

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