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Complications can arise when divorcing spouses work together

Most casual observers tend to view the divorce process from perhaps a more limited perspective, meaning they think primarily of issues like who will take possession of the family home, how much support will be paid on a monthly basis and, of course, who will secure custody of the children.      

While this viewpoint is by no means inaccurate, it can serve to overlook the host of other complex legal issues that sometimes arise during a divorce.

For example, many divorcing couples own a business together, meaning many important decisions will have to be made concerning the future of their joint enterprise. Does the couple want to continue working together despite the divorce? Does the couple want to sell the business? Is one spouse looking for their share of the business to be bought out?

In today's post, we'll take a brief look at a few tips offered by experts to those couples suddenly confronted with the unnerving prospect of running a business during a divorce. 

Manage your concerns, your emotions and your business: The unfortunate reality is that many people find it difficult to put their emotions aside when it comes to running a business with their former spouse. Not surprisingly, experts say, this state of affairs can soon complicate business relationships, undermine the confidence of staff members and, worse yet, compromise profits.

Accordingly, experts advise couples in this situation to set aside time to set firm concrete goals in all areas that are important to them, including children, finances and the business, to name only a few. This simple step of creating buckets allows a person to keep their concerns separate from the business but also provides them with peace of mind in knowing that they have plans in place.

Don't hesitate to call on others for assistance: It's understandable how divorcing couples may feel frozen regarding their jointly owned businesses, meaning they are operating in a state of perpetual uncertainty.

In these situations, experts advise divorcing couples to consider consulting with an independent mediator with the necessary business acumen/financial background to help them fully examine the relative strength and weaknesses of all of their options, including selling the business or continuing to work together.

This step will eliminate uncertainty by providing clear answers and form the foundation for future business plans.

To be continued ...

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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