Why Business Owners Should Talk about Divorce
We are continuing our conversation with Dave Joley, an attorney from Arnold Terrill Anzini, P.C., and today we’re looking at how divorce affects your business. What should you do before you even think about getting a divorce and what happens when the matter goes to court?
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Dave has been in practice for about 12 years and has a broad focus, representing clients in multi-disciplines such as criminal matters, business matters, and divorce. Arnold Terrill Anzini, P.C. is located in Fort Wayne, Indiana.
How Divorce Affects your Business – Key Points
- What to do if a business owner is faced with a divorce situation and no prenuptial agreement.
- Divorce puts the business owner in a difficult position because it’s impossible to separate business from personal life.
- Divorce is designed to split both the personal and financial lives of two people.
- A business is considered part of the family’s financial assets.
- Both parties contribute to the business’s success even if one spouse is not actively involved in running it.
- You must contact an attorney in your area as rules on family law and divorce are state-specific therefore.
- Pre-trial mediation: getting an agreement vs. taking matters to trial.
- Talk to an attorney and a CPA before the divorce process begins.
- How the business’s value is determined.
- The owner can negotiate payment terms if an enterprise is not liquid.
- What is the purpose of a provisional order hearing?
- Don’t speak to an attorney after the court has already made a ruling.
This episode is a must-listen if you own a business.
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