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.
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.
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.
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.
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.
Lagniappe, our alternative weekly paper in Mobile, has named Alison Baxter Herlihy as its 2016 winner of Best Divorce Lawyer, aka Best Lawyer if Your Spouse is a “Ho.” The readers of Lagniappe vote in the annual poll, and this year over 1.4 million votes were cast in this year’s Nappie Awards. It is a tremendous honor to have such support from all of the family, friends, clients, and colleagues who cast their votes for the best divorce attorney in Mobile.
Thanks to everyone again for your support!
A Prenuptial Agreement is a contract executed between parties prior to their marriage concerning the division of assets, debts and possibly spousal support in the event of divorce. Almost anything can be included in a prenuptial agreement, except matters of child support, child custody and visitation.
Many people think of prenuptial agreements as the province of celebrity marriages, and that they are designed to award million dollar settlements in short term marriages. This is not the case. As more and more Americans are marrying later and later in life, many of us have our own assets when we get married, such as owning your own home and retirement or other investments, and you want to make sure your assets are protected. Prenuptial agreements have negative connotation for many people, but it is actually smart financial planning, just like having a will or a retirement savings strategy.
The simplest form of prenuptial agreement can simply state that each spouse retains ownership in anything they owned prior to the marriage and any items acquired subsequent to the marriage in that spouse’s individual name. In that scenario, the couple would have to intentionally title any assets in joint names for them to be considered “marital” property. In a country where many marriages end in divorce, a prenuptial agreement can help take financial incentives out of the decision-making process if your marriage hits a rocky patch because the financial decisions have already been made.
For a prenuptial agreement to be valid in the state of Alabama, both parties must have independent legal counsel to advise them of their rights and interests. If you are planning your marriage and are considering a prenuptial agreement, please contact us for a consultation.
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