Search Site

Keeping a Family Business Intact During a Divorce

If you have spent years building your family business, the last thing you want is for it to be decimated during your divorce. There is no doubt that divorces can sometimes do that to a business, but with proper planning and advice, your business can remain intact for many years to come.

Here are some tips to help your business through this rocky time:

  • Don’t make any risky business decisions: When your divorce is pending or imminent, it is no time to make controversial decisions, such as diversification into a new business line without first consulting with your lawyer.
  • If both spouses operate the business, put it in trust: This prevents one spouse from selling the business simply to spite the other spouse.
  • Obtain a valuation: Arrange for a business valuation, but be aware that valuations often vary a great deal. You need to know what the approximate value of the business is to best protect it.
  • Hide your divorce from business associates and customers if possible: Investors and customers often get nervous when they hear that principals of a business are getting divorced. They may be less willing to invest in the business. If the word gets out, it can affect the ability to obtain credit and may even decrease future revenue.
  • If you want to keep the business, find a way to pay off your spouse: Be willing to give up other assets to keep the business or come up with creative financing to buy your spouse out.
  • Speed is desirable: One of the best ways you can help your business survive is to get the divorce over with as quickly as possible. This way, you can get back to your job of guiding your business rather than spending years in litigation fighting over it.

With proper planning and advice from your Rhode Island divorce lawyer, your business can thrive for many years to come.

Leave a Reply

Your email address will not be published. Required fields are marked *

Meet Our Team
Watch our video
  • "Thank you! Thank you! Thank you for being the BEST lawyer I have had for EIGHTEEN years! Thank you for listening and following through. You are awesome! This is wonderful! I can’t wait for next week.Thank you for correcting the order to how the judge stated it. Thank you, again, for everything! Also thank your office staff for all their hard work! Hugs to you all!"

  • "Thank you again for your gracious consultation last week. It certainly makes me feel better knowing that you would be guiding me through the process."

  • "Thank you from my heart. You went all out and the results were outstanding. You were diligent, professional, and supportive through a very difficult and ugly divorce. You strategized perfectly and I am so very appreciative."

  • "You are the only lawyers I feel confident working with. Your confidence gave me reassurance as well. I would never hesitate to recommend you to anyone. I believe you are smart, sincere and very capable and I knew that you would do a great job for me. Thank you for protecting my interests and the interests of my children. Being awarded full custody has been a blessing."

  • "Thank you for all of your help in getting me such a great settlement. It is much appreciated! Your combination of skill in and out of the courtroom and knowledge of the law combines with the wonderful ability to listen to your client."

Verdicts & Settlements
  • "Using a nationally recognized valuation expert, we were able to establish the value of a sole medical practitioner’s office that resulted in a verdict giving our client an overwhelming alimony award." - Divorce, alimony and business valuation

Contact us

Quick Contact Form