Why Business Owners Should Talk about Divorce

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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?

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.

Key Points

  • What to do if you own a business and are faced with a divorce situation and no prenuptial agreement.
  • When you are the owner of an enterprise, divorce puts you 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.
  • Rules on family law and divorce are state-specific.
  • Pre-trial mediation: getting an agreement vs. taking matters to trial.
  • Before the divorce process begins, talk to an attorney and a CPA.
  • How the business’s value is determined.
  • If an enterprise is not liquid, the owner can negotiate payment terms.
  • What is the purpose of a provisional order hearing?
  • You don’t want to 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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