Divorce can be an extremely stressful process to go through and for those who are also business owners, if not handled carefully, divorce can be detrimental to both the health of individual and their livelihood. With that in mind, here is some advice that may help make the experience run more smoothly.
Protect Your Business
It may sound a little mercenary, but protecting the business should be considered a priority. If legal agreements are not already in place, that stop the business being taken as part of a divorce settlement, then it is important to act quickly and seeking the advice of legal experts is paramount.
Keep Business and Personal Interests Separate
Once the business is protected, owners are well advised to keep business and personal interests separate. Wherever possible any communications regarding the divorce should be made away from the office and that includes phone calls, texts and emails. This way the emotional effects of the divorce are less likely to have an impact on the business.
In addition, for many work can act as a welcome distraction from thinking about the divorce and other related issues – keeping the two separate is vital.
Address the Divorce
Most people want a swift and amicable divorce that doesn’t end up spending time in court where costs and the emotion strain can take their toll. One of the most effective ways to achieve this is to look to a third party for mediation.
A professional mediator can act as an objective voice throughout the process and offer sound and practical advice regarding how to deal with any issues that arise. In the majority of cases, people find mediation far less confrontational than settling a personal dispute in court. Plus, using a mediator is quicker, some divorce cases that go to court go on for decades.
Try to Compromise
When it comes to firming up the terms of the divorce, both parties should bear in mind that compromise is the key to an equitable solution. This is particularly, important when considering the smaller aspects of the settlement, like who gets the silverware. Getting hung up on the minutiae will only serve to slow down proceedings and can lead to acrimony – much better to try to compromise.
Be Up Front About Finances
When it comes to discussing finances it important that there is transparency. If it looks like assets are being protected or even hidden, then this can lead to all kinds of problems. For example, mediation can escalate and litigation may be brought against the business owner and a deep dive into the businesses financial affairs may soon follow.
The likelihood is that this will end up costing more in the long term and will also eat up more time and energy.
A sensible and pragmatic approach that involves taking advice from experts and that employs compromise is the best way for business owners, who are going through a divorce, to help the process run more smoothly and to reach an agreement that suits both parties.