How Does Divorce Affect My Business?

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Divorce can significantly impact a family-owned business. Here are the main affected areas:
You’ll need to first determine if the business is community property, as even if the business was started before the marriage as time has passed part of it may be considered community property. If you have kept your business finances separate from your personal finances, it will be easier to maintain its status as individual property.
You may need an expert to evaluate the business's value, especially for long-term marriages. The value can also differ based on whether you run the business solo or employ multiple people.
Divorce proceedings can divert attention away from day-to-day business management. If the spouse was a business partner, consider hiring help to maintain operations.
Your divorce can affect employee productivity and retention. Try to maintain morale by managing personal emotions and interactions in the workplace.
You may consider hiring a business-minded attorney to help navigate complexities, protect assets, and ensure continued business operations.
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