Divorce can be a costly process in a number of ways, but it does not have to cost everything. While it can be emotionally, mentally and physically draining, divorce does not have to destroy one’s relationships with his or her children, his or her financial stability or his or her property ownership. These things may change through the course of the process, but they can remain when the dust settles. With assistance from those knowledgeable in this area, Pennsylvania couples can better understand what happens during a divorce, especially concerning business ownership.
Property division and the division of assets during a divorce may seem like a terrifying and daunting process. There are many things that go into this division and it is important to have a thorough knowledge of one’s finances, debts, and physical and intangible possessions. When a business is involved, this becomes even more crucial. If both parties co-own the business, they have to come to a decision as to whether they will continue on as partners or whether one will sell out.
Before moving forward in the divorce process, it can be beneficial to have a plan, keeping the end result in mind. Understanding one’s assets and where one wants to be in a few years down the road can provide a better perspective when making decisions concerning the division of assets. The value of a business has to be taken into consideration during this process, but that does not mean half of it goes to each spouse. Other assets can be given to one party, in order to compensate for the value of the other’s part in the business.
Professionals in family law can be incredibly helpful as a couple decides to obtain a divorce in Pennsylvania. Dividing shared assets between two individuals can be challenging and even more so when a business is involved. However, just because a business is owned by one or both spouses, it does not mean each will end up with fifty percent of it; the results are largely up to the two parties.
Source: huffingtonpost.com, “8 Steps to Divorcing Your Husband Without Losing Your Business: Divorce Advice for Women Entrepreneurs”, Emma Heptonstall, Nov. 3, 2015