People have a tendency, experts note, to let all of the decisions they need to make during a divorce get mixed together.
There are the family-based decisions, like where the kids will live. There are the emotional decisions, like whether or not you want to move out of the family home, with all of its memories, after the split. There are financial decisions, such as who needs to pay child support or spousal support. And there can be business decisions, such as deciding how the business you and your spouse have run together for years will be divided.
These are four distinct areas of focus. It’s easiest to make wise decisions if you separate all of them and consider them on their own.
For example, you may emotionally be hurt because your spouse asked for the divorce. If you let that turn into anger, though, are you going to make poor business decisions? Maybe the best option would be to run the company together, even after getting divorced, but you won’t do it because you’re not thinking about the business. You’re thinking about everything else.
Granted, there will be some overlap in complex situations. How you split up the company may determine who needs what assets and how much child support is required. Whether or not you keep the house could depend on your share in the company or if you choose to sell that ownership percentage to your ex.
However, the key is to focus on each area in turn. Remember your legal rights, focus on your end goals, and make decisions that are best for your future.
Source: Entrepreneur, “If You Run a Company Together, What Happens When You Divorce?,” Kate Taylor, accessed Aug. 24, 2017