Getting through a divorce requires courage and a lot of emotional strength. However, when you add the complexity of jointly-owned businesses into the mix, things can get particularly challenging. Divorces are already hard as it is, and the concept of sharing a business can be scary.
If you are getting divorced and own a business, there are certain things you must do to protect your hard work. In case you get stuck somewhere during the procedure, a family law attorney in Delaware can assist you with the legal paperwork and representation if needed.
Dos and don’ts of divorce when you own a business
Consult with a divorce and business attorney.
When it comes to divorce, people only go looking for a divorce attorney. However, if you own a business, you must also consider speaking with a business attorney. In most cases, your divorce attorney can help you find a good business attorney and work together to protect your rights. In case you choose the attorney, make sure both of them are in constant contact, so the issues do not overlap.
Provide the attorneys with your business papers.
Once you have hired your attorneys, provide both of them with copies of your business’s legal operating documents. Your attorney in Delaware will need to see the Articles of Incorporation, Bylaws, and the Shareholder Agreement.
Keep putting effort into your business.
Going through a divorce can be hard, and watching your ex-spouse trying to take your hard work away from you can be particularly devastating. However, it is important to keep looking after and caring for your business until a settlement arrives. Neglecting your business just because your ex has a share in it may cause more problems.
Shutting your spouse.
Divorce can give rise to feelings of anger and revenge. You may be angry at your spouse for the divorce and want to shut them out of business completely. However, that will only cause more problems for you. You must try your best to follow the business’s operating agreements. If you violate the terms, it will give your ex-spouse more chances to raise arguments against you.
Deliberately destroy the business.
If you consider destroying the business just to get back at your ex-spouse, you are making a huge mistake. During the divorce process, the records of the business are reviewed. If it is found that your business was running smoothly during your marriage but suddenly started going downhill as soon as the divorce papers were filed, it could harm your case. Your ex can accuse you of being a careless person and take the business from you.