Divorce and the Family Business: What happens to the Family Business when you get divorced?
The business you and your spouse co-founded and run together is thriving. Your marriage? That’s another matter. Many people put off filing in situations like this because they fear that it will soon mean the end of the company. It does not have to be that way, especially if your lawyer is sensitive to the fact that the two still need to cooperate and that it will take a quite careful approach in figuring out severing some financial ties, but also having to keep the business alive.
A Census Bureau estimate from 2007 found that nearly 4 million businesses in the U.S. are operated by husband and wife. With a 50% divorce rate, divorce clearly affects a lot of small businesses. Overall, there is no question that it can be a very difficult situation involving two people. Though it may initially seem like a battle, it can work if you work together. Research says that it all depends on the individual couple, but also how the company runs and the skills of your divorce attorneys.
Some things to keep in mind:
Respect each other- this can be hard, especially if the reasons for the split were particularly painful. In some cases, if there isn’t any trust left between the two then there isn’t any respect, and it is probably be best to cut off communication.
Know when to get help- Unlike a lot of separated couples, the ones that operate a business together have to see each other a lot, even after the divorce is finalized.
Create agreement-This is a very important legal step that many couples haven’t though out when they found the business together. The agreement explains what will occur in the event someone wants to sell.
Sit down and discuss the situation with your employees- They will know what is happening, and what you don’t want to happen is for them to choose whose side to be on. Choosing sides can always slow the process down so its always in each party’s best interest to try to get along.
Opiate addiction is an increasing problem in the United States. For various reasons, a staggering 2.1 million Americans abuse opiates. It is no secret that people are constantly looking for solutions to their daily problems, but why turn to a substance that could lead to physical dependence and addiction?
Opiates are commonly prescribed for pain management following surgery or an injury. Some people start using simply for recreation or an occasional activity, but then it becomes a necessary part of an addict’s day. For them, seeking out the drug becomes a priority and all other responsibilities or obligations become secondary to the addiction. Many variables can contribute to the start of an opiate addition such as a genetic predisposition or environmental factors, but addiction knows no boundaries.
Warning signs include:
On and off relationships with unknown people
Stealing money or prescription medication from family or loved ones
Unusual injuries or bruising
Having multiple physicians and/or pharmacies
Decreased investment in personal hygiene and appearance
Showing up late or not at all with little to no explanation
Displaying an uncharacteristic lack of respect for others
Unaccounted for spending of income
Liquidating assets
Lashing out at family members or loved ones
Frequent agitation typically occurs when the addict cannot easily obtain the drug or when they have been without for any period of time.
Lack of compromise
“Me against the world” or “my way or the highway” attitudes
If you notice any of the above warning signs – trust your gut. It is not unusual for loved ones to make excuses for the mentioned behaviors. We would rather place the blame somewhere else as opposed to facing the reality of addiction. It is important to be supportive, but stay firm to not enable the addict. The addict must be active in his or her own well-being and care. Fostering a codependent relationship with the addict is not beneficial to either party.
When the person stops taking the drugs, the body needs time to recover, and withdrawal symptoms result. Opiate withdrawal refers to the wide range of symptoms that occur after stopping or dramatically reducing opiate drugs after heavy and prolonged use. Typically, this occurs after the person has been using the drug for several weeks or more. Since the time it takes to become physically dependent varies with each individual some people start to have symptoms of withdrawal without realizing what is happening to them. See common symptoms below.
Early symptoms of withdrawal include:
Agitation
Muscle aches
Eyes tearing up
Anxiety
Restlessness
Inability to sleep
Runny nose
Excessive sweating
Yawning often
Late symptoms of withdrawal include:
Elevated blood pressure
Rapid heartbeat
Abdominal cramping
Diarrhea
Dilated pupils and blurry vision
Goose bumps
Nausea and vomiting
As you can see the symptoms of withdrawal are unpleasant and uncomfortable, but they are part of a necessary process to break addiction. Although very unpleasant and painful, symptoms usually begin to improve within 72 hours, and within a week the individual should start to feel regular again. Utilizing a medical professional when using or withdrawing from opiates is highly recommended.
Unfortunately, opiate abuse is more common than we think or we want to admit. It is critically important to know the facts and be aware of warning signs. Don’t forget to be supportive of the addict, stay firm and do not enable them to continue using drugs.
To many people who are experiencing the trials of divorce, it can sometimes feel like a full-time job. It can consume all aspects of your life. Between phone calls with your attorney, to contact with your ex-partner, to figuring out child custody and where to live, it can consume all aspects of your life. And regardless of how affluent the couple may be, there is often stress about your financial future.
A lot of times after two people have separated or divorced, someone has to start from scratch. While some degree of worry and apprehension is to be expected, these fears can be eliminated by a little work and planning on your part. This planning can help you feel confident and secure while you establishing your new life.
1. Fear of not getting a fair share.
Many people worry when they begin the process of divorce that they may not end up with their fair share of the finances. If your finances are simple, it can be easy to evenly divide your assets. But many times other items are involved that make things more complex. Things items can range from anything to multiple homes to closely held businesses and non-liquid investments. First, determine exactly what you own and how much it is worth. Next, establish a fair value for each asset. When doing this, be cautious that some things may be prone to subjectivity and manipulation in the divorce context.
Appraisals of real estate of other valuables such as jewelry or art may be advisable.
2. Fear of not knowing what you will have.
Fear of not knowing what you will have is a justified fear that many have when entering a divorce. When dealing with a divorce, it is easy to get lost in the details and lose sight of the bigger picture. It is crucial to stay focused on what your finances are going to look like post-divorce. Not only should you know how much you have, but you need to know exactly what and where you have it. One tip to help with this fear is to meet with a financial adviser before the divorce is finalized, that way you can make sure that not only are you getting your fair share, but that you don’t get stuck with non-liquid assets while the other party gets the cash.
3. Fear of not knowing how your lifestyle will change.
This fear stems from your cash flow. How much will you have left? Many people worry that after alimony, child support, income and basic living expenses there will not be enough money left over to keep living the same day-to-day lifestyles they had before the divorce. To squash this fear, have your financial adviser create a post-divorce income and expense report for you. If you do not have a financial adviser, you can look at your recent spending history to determine what your anticipated monthly expenses will be. By doing this, you will be able to see how your new finances will affect your lifestyle.
When you experience a divorce, it is common to go through a wide range of emotions. For a spouse who isn’t financially savvy, fears and uncertainties are after a common experience. However, if you plan ahead and have a little help, you will be able to feel at ease about your financial situation and can focus on other aspects of the separation.
Divorce brings with it many negative emotions. Many of these emotions usually cause stress that will interfere in our ability to function from day to day. Research says that the biggest favor you can do yourself is to learn how to relax. You just need to let go of the stress and let everything fall into place. Focus more on keeping yourself active, healthy and moving forward instead of staying stuck. Below are 5 tips that will help deal with divorce stress.
Top 5 Tips for Dealing with Divorce Stress
1. Make sure you pay attention to your personal needs
It’s always best to find a group, close friend or someone that you can talk to about everyday problems. It’s healthy to be able to do that and let go of certain negative feelings.
2.Keep yourself physically fit
Being active is a good way to reduce stress. Whether its yoga, spin class, boxing, any type of exercise will help reduce stress and let out built up anger. It will also though make you feel better about yourself anyways.
3. Make time for some fun
Regarding any situation that someone is in, there should always be time for fun. Going out with friends, family, whoever will always make you happy. Everyone deserves to have fun and let go of what has held them back enjoying life.
4.Change any expectations you have
Let go of what you feel the outcome should be and learn to accept what could possibly happen. Overall just let go of feeling like you can control every aspect of the situation.
5. Let go and move on
Take the time needed to heal from the divorce and all feelings that are still around. Its important to take that time to heal so when you are ready to move on everything is behind and you are ready to start that new journey in your life.
As we all know, one of the biggest issues in a divorce is the family home. It all starts to get messy when the decisions of what will happen to it and who is going to live in it become a concern for the parties. Typically, parties go from having two incomes to contribute to the mortgage and other household expenses during the marriage to having only one income to contribute to those expenses after the divorce.
Below are important questions people need to ask themselves when they aren’t sure if they should keep their home when going through a divorce.
1.Is your marital home a great fit for your new lifestyle?
2.What is your house worth today?
3.What would be the cost to keep the house up?
4.Are you willing to sacrifice financially in other areas to keep the house?
5.Is there any equity in the house or are we “upside down?”
6.If there is equity, can I afford to buy my spouse out?
7.Do I have the income and credit to refinance if the Court so orders?
8.Would it benefit me/us more financially to sell the house?
Having to choose whether or not to keep your residence could possibly be one of the most difficult decisions you will have to make during divorce, as there are likely many good and bad memories associated with your marital home. Its always wise to give yourself time to think it all through very carefully. Everyone needs to be able to manage their assets and develop a plan for financial stability and security in the future.
