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Protecting your family business during your divorce

On Behalf of | Apr 3, 2018 | Firm News, Property Division |

When you decide to go through with your decision to divorce your spouse, you immediately begin to analyze the impact this choice could have on your family business and its success. Allowing your emotions to take over or making irrational decisions in an effort to stay in control, can have detrimental effects on your company’s future. At Daniel J. Lounsbury Attorney at Law, we have helped many individuals in Oregon to navigate the difficult legal process of divorcing their spouse without compromising their business or its success. 

The Chicago Business shared a survival guide that you may wish to implement as you face the uncertainty of your organization’s future pending the outcome of your divorce. Here are some of the things you can do: 

  • Rely on your personal advisors: With a talented team of advisors at the helm of all business operations, you can avoid making irrational decisions simply because you are mentally distracted. Rely on your advisors to keep the company running smoothly and working towards organizational goals while you tend to personal matters. 
  • Understand the value of compromise: Your business will need to be evaluated in order for the courts to make decisions regarding you and your ex’s future in the organization. If a valuation cannot be agreed upon, do your best to compromise to reach a solution with your former spouse. Breaking the business into two equal parts will put your company’s future at risk of failing. 
  • Prepare for the future: Recognize that your divorce will have a lasting impact on your company but do your best to look to the future with optimism. Focus on your mission and what you can do to maintain existing organizational practices despite the changes that have taken place. 

By carefully navigating your way through your divorce, you can better protect your company and secure organizational success. For more information about separating business assets, visit our web page.