The prior post in our Harris County divorce law blog began a discussion about couples who own a company and want to end their marital partnership at the same time that they want to keep their business partnership. The prior post mentioned planning an exit strategy in case one spouse changes his or her mind down the road. As for the actual business relationship, there are a few other tips that we promised to share with our readers in this post.
During the divorce, it may be best to define the legal, financial and emotional issues. Not only is it helpful to define each of these issues for divorce purposes, but defining them helps the pair understand and keep each separate from the other. Keeping the emotions out of a business relationship can help it run more smoothly.
After defining these separate divorce issues, the couple should define their business roles. Understanding the responsibilities of each spouse where the business is concerned can help avoid micromanagement and other issues. Of course, make sure to communicate clearly with one another about any concerns or expectations.
At some point during this big transition, it is certainly okay and probably beneficial to take a break. Book a trip somewhere or take a week off from work, but just take a breather.
Finally, make sure that you have your own support team. A Houston divorce attorney with experience in handling the division of a business can ensure that nothing is forgotten as the divorce is finalized.
Remember those separate issues? An attorney will handle the legal ones, but spouses still need their emotional support. This may be provided informally through a friend or family member or provided professionally by way of counseling.
Source: Entrepreneur, “If You Run a Company Together, What Happens When You Divorce,” Kate Taylor, Feb. 25, 2014