Regardless of your divorce proceedings, you have a business in Maryland to run. Do you know how your legal situation could affect your company?
Business.com explores divorce’s impact on businesses. Understand what to expect for your company, your employees, your clients and yourself in the weeks ahead.
You live in an equitable distribution state. If your soon-to-be-former spouse has an ownership interest in your company, you may need to work together to divide the asset fairly. Depending on whether you two agree on the division, this part of your divorce could take time.
You may experience a roller coaster of emotions while dissolving your marriage. Your business operations could take a hit if you cannot focus on work. Even if you have positive emotions about the marital split, you may need to take time out of your workday to gather documents for your divorce or speak with your legal representative.
If your spouse either becomes or already is a company stakeholder, it may affect daily operations. You may have a hard time working together, which could harm your business. Say that your current marital partner sells her or his stake in the company. Depending on who buys that share, you could have another headache to deal with.
Depending on your divorce settlement, you may have no choice but to sell your business. To satisfy your settlement agreement, you may have to sell the company.
You deserve to know the many ways in which divorce shakes up your business. Proper knowledge allows you to navigate the changes with grace and care.