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Can your business survive your divorce?

Divorcing couples who jointly own a Florida business often struggle to keep the doors open after they split. It is an unfortunate fact that many businesses can't weather the storm of its co-founders' divorce.

But there are ways to prevent your business from going belly-up when you file your petition to divorce in the Tennessee courts. Below are some tips for those business owners who find themselves on the brink of divorce.

Plan ahead

Here, failing to plan can be planning to fail. Executing prenuptial or postnuptial agreements that detail how the business will be divided in divorce can save a lot of time, money and heartache. Also important to include are buy-sell and shareholder agreements.

Hire a business valuator

Professional business valuators can ensure that all parties know the true value of their business, including its debts and assets. Couples can save money by pooling their funds to hire an independent business valuation firm.

Prepare your business for its post-divorce life

If your spouse did all the hiring and firing and other management duties while you focused solely on acquiring new accounts, you will likely need to hire someone to fill that role. Some divorced spouses can continue running their businesses together after they split, but this is the exception to the rule.

No matter at what point you find yourself contemplating divorce, both you and your spouse will have some hard decisions to make. Learning all that you can about the effect the divorce could have on your jointly owned business can better prepare you for both the immediate future and beyond.

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Honors & Memberships
  • 10 Best – 2016 | Client Satisfaction | American Institute of Family Law Attorneys(TM)

    He has received this award 2016-2019 for 10 best Attorneys, Client Satisfaction Award.

  • The National Top 40 Under 40 Advocates

    He has received this award 6 years in a row now. for Top 100 Attorneys.

  • 10 Best Attorney | Client Satisfaction | American Institute of Family Law Attorneys(TM)

    Member since 2018 for Top 10 Family Law Attorney for Tennessee.

  • Family Law Top 10 Attorney - 2017-2019 | Attorney and Practice Magazines

    Member since 2017 for Top 10 Family Law Attorney in Tennessee.

  • Best Legal Counsel

    Member since 2018 for Best Legal Counsel in Family Law.

  • Lawyers of Distinction

    Member since 2017 for Excellence in Family and Divorce Top 10% in the USA.

  • Best Attorneys of America | Lifetime Charter Member

    Lifetime charter member for Best Attorneys in America for Tennessee.

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White & White, Attorneys at Law, is committed to working with individuals to help them reshape their lives. Perhaps you need a second chance after getting arrested; maybe you're trying to pull yourself together during a frustrating divorce. Whatever the issue, the experienced lawyers at White & White, Attorneys at Law, are here to help.

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Can your business survive your divorce? | White & White, Attorneys at Law