There is a popular and well-founded opinion that big business and the activities of giant corporations always mean huge cash flow and a very serious level of responsibility. Indeed, corporations can make millions every day, but at the same time, the losses can also be colossal, and the possible problems and their consequences scale proportionally. All of the irrefutable facts above do not negate the fact that things are much easier for small businesses. But a start-up or a business with its small staff, low turnover, and modest investment is often the “life’s work” for its founder, owner, and manager. That is why every temporary setback or shock can be very painful.
Many factors can potentially negatively affect a small business, and they can be encountered at every step and at any time. Lack of experience in personnel management and assignment of tasks, mistakes in personnel policy, communication problems within the staff, the leader’s inability to create the right atmosphere in the team, and several other factors can be among the main pitfalls.
But all of the above are just obvious mistakes. They can and should be corrected for a more successful, consistent implementation of your business idea. Various situations, such as divorce, may occur with you and your business colleagues, which indirectly but strongly affect performance and the resources necessary for full-fledged business functioning. Poor physical well-being, stress, lack of emotional stability, irritability, and failure to perform current tasks and meet deadlines are just some of the unpleasant phenomena that a person can experience during the divorce process.
In particularly tense moments, when stressful situations and their consequences accumulate and begin to seem hopeless, you may think that divorce and business ownership, as well as effective business management, are fundamentally incompatible. Colleagues, partners, and friends are likely to recommend that you take a vacation or consider temporarily retiring from important tasks.
But is such an arrangement of tasks and priorities always appropriate? When should you be especially wary of preserving business assets once you’ve made the decision to dissolve your marriage? And what should you look out for first if you have already initiated a divorce when you own a business together with your spouse? Let’s try to answer these questions based on real cases of divorce cases and property division in the United States.
Business divorce negotiations: the triumph of diplomacy and the art of compromise
Of course, the call of experts on divorce proceedings to adhere to the principles of diplomacy and seek compromise solutions with a spouse during preparation for divorce may seem like a banal general recommendation that has little to do with the actual state of affairs. Nevertheless, there is no doubt that this advice has a practical application. If you are a business owner, most of your business assets are nominally owned by your family by default. This means that one of the prerequisites for successful divorce proceedings is the revaluation of your joint property and its subsequent distribution.
Real estate or private property in other material forms and business assets, including shares and investment funds, will all need to be redistributed. Similarly, debts, both belonging to the family and related to an existing business, will have to be divided. In addition to joint debt obligations, spouses may have credit lines, mortgages, consumer credit programs, and other forms of loans. Moreover, each of the above positions requires special attention during negotiations in preparation for the divorce process.
There is no doubt that each particular case is individual, and couples’ situations can differ. But it is also clear that after the initiator of the divorce exhales and gathers their thoughts, they will have two ways for further action – alone or with help. Indeed, if we have a toothache, we make an appointment with the dentist; if we have a car breakdown, we go to a service station; and if we have a complex legal dilemma, we turn to a lawyer for qualified assistance.
Why is the uncontested divorce format the best choice for small business owners?
If you have decided to completely delegate your divorce proceedings, from the initial stage of preparation to a professional attorney or law firm, be prepared for the fact that you will have to shell out a rather large amount of money. Indeed, the human rights system in the United States, including the family and divorce law segment, has leaped forward in its development over the past several decades. However, the number of registered divorces has increased significantly during the same period, which means that the client’s demand for legal services has grown rapidly.
High-quality legal assistance from specialists in the preparation of your divorce, including consultations, production of the necessary documents, and support of the process, is paid hourly and is very expensive. Such expenses can be a significant blow to your personal financial condition and can shake your business. And as a responsible business owner, you always have a responsibility to assess and justify existing financial risks. In such cases, an alternative option for preparing for the divorce process may be useful to you. You can get a ready-made package of necessary divorce papers without hiring a lawyer and without additional hassles or expenses.
If you are the initiator of your divorce, you can use an online divorce service to get your divorce documents prepared remotely at a fixed low fee. In this case, you will need to apply all your business negotiation skills because your case needs to qualify as uncontested to conduct this type of do-it-yourself divorce. An uncontested divorce is a modern, reliable, safe, and affordable format for divorce proceedings in all states today, which implies that the decision to end family life is mutual for both spouses. To proceed in this manner, the applicant and the defendant must first draw up an agreement that would exclude any claims or disputes regarding property obligations and ownership.
Such a mutual agreement is especially relevant for small business owners and those who have a family business. But keep in mind that the termination of a life together is not always a termination of business relations between former spouses. In an attempt to save your marriage, your moral principles, aspirations, endurance, and mutual respect may come to your aid, along with family psychologists. But if your goal is to save and protect your business, you need to arm yourself with cold calculation, rationality, multitasking, and diplomacy.