Divorce can always be a difficult time for Michigan couples. It can become even more complicated when both spouses are part of the same company especially when they are the owners. When married couples own a business together, a divorce can have an array of consequences not only for each partner but for the future of the business itself.
In some cases, people deal with this issue by selling the business and dividing the proceeds or by awarding other assets to make up for awarding the company to one spouse. In other cases, spouses decide to end their marriage but keep the business partnership functioning. Either can work, depending on the relationship between the divorcing partners and the priority each places on the business.
Because of the emotional aspects of a divorce, especially when ending a long-term relationship, handling the financial aspects can be particularly complicated. It can be important to separate out the legal and financial issues from the emotional ones in order to help determine the best outcomes for the business.
When divorcing spouses do stay together on the job, it can be more important than ever to have clearly defined roles and scopes of responsibility. Excess communication and joint responsibilities, especially soon after divorce, can lead to significant conflicts on the job.
When dealing with a high asset divorce it can be critical to have a team of professionals on one's side, and especially to have the support of a family law attorney. The attorney can often assist in negotiating a comprehensive settlement agreement that deals with the business as well as other applicable legal issues.