Tag Archive for: small business

Divorce Need Not Destroy Your Small Business

Running a small business is tough enough.  Running a small business while your marriage is falling apart can be crushing.  But you don’t need to go through a traditional court battle if divorce is on the horizon.  Your business does not need to be a casualty.  There is an alternative.  There is collaborative divorce.

Small Business & Privacy

Collaborative divorce is a form of out-of-court dispute resolution that values privacy.  This means that your client lists, inventory details, and other trade secrets remain safely away from public court records.  In fact, here in Florida, the Collaborative Law Process Act and accompanying rules safeguard most communications had within a collaborative divorce.  Courts now have authority to sanction a party who reveals a collaborative law communication.

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You Already Have A Prenup

Congratulations, you are getting married!  You found the person with whom you want to spend the rest of your life, and now you have a big, bright future ahead!  But now the P-word has come up: Prenup.

You and your fiance may be wondering whether to get a prenuptial agreement, also referred to as a premarital agreement.  It may be that one of you has significantly more assets than the other.  Perhaps there is a family business in play.  Maybe you have children from a prior relationship that you want to protect or you have other estate-planning needs.  Or maybe you just want to plan for all possible contingencies.

Prenup

So if you are considering a premarital agreement, there is something you should keep in mind:  You already have a prenup.

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Divorce: What Happens to My Small Business?

You have worked hard to build your small business in Tampa Bay or Greater Sarasota.  Your dreams and future are intertwined with your company.  But, now, you are facing divorce, and you are worried about how this will affect your small business.  You know there are quite a few issues that you will have to deal with.  Child custody, division of property and debts, and child and spousal support all need to be addressed.

Small Business and Collaborative Divorce

Small Business & Collaborative Divorce

But what happens to your small business?

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Protecting Your Tampa Bay Business With A Prenuptial Agreement

Under Florida divorce law, businesses are subject to equitable distribution.  This essentially means that it can be considered a marital asset that is divided as part of the resolution of all divorce-related issues.

Small-business owners, who have shed blood, sweat, and tears for their endeavor, find it surprising and frightening that a business might be divided in divorce.  Further, this can be disruptive to the spouse of the small business owner; if the business begins failing due to protracted fighting or litigation, the spouse’s ability to receive alimony or child support is greatly reduced.

Protecting Your Small Business

One way to protect a business from the fallout of divorce is to enter into a prenuptial agreement or, if you are already married, into a postnuptial agreement.

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Collaborative Divorce and Small Businesses

Divorce is one of life’s most difficult tests.  The stress that the traditional adversarial litigation divorce can have on employees cost business owners countless dollars every year.  Further, a private business is seen by Florida law as a potential marital asset, to be divided in divorce just like 401(k)’s, jewelry, or furniture.  When a business is put in the spotlight of a traditional courtroom divorce, Florida’s sunshine laws dictate that the remains of the business can be picked apart in detail by competitors sifting through a public court file.

Small Business & Collaborative Divorce Graphic

Collaborative family law (also known as collaborative divorce), by contrast, is non-adversarial.  The spouses’ attorneys are not seen as “opposing counsel,” but rather as teammates.  The clients themselves are not seen as “opposing parties,” but rather as co-parents or simply people looking to transition to the next stage of their lives.

Collaborative attorneys can only help the spouses reach an out-of-court settlement, so no time, money, or energy is spent on opposition research, dirty litigation tactics, or preparing for a costly trial.  This greatly reduces the stress on spouses and mitigates productivity losses.

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