Berman & Asbel, LLP

Preparing to preserve a business through divorce proceedings

Hobby businesses have become unique opportunities for some Pennsylvania residents, providing unexpected success that can become a significant concern if a married entrepreneur is facing the end of a marriage. Because an unexpected business success may occur long after the couple has gotten married, it may seem like one's hard work will be lost through asset division during a divorce. However, this isn't a given, making it important to consider helpful strategies for preserving business interests in the case of a divorce action.

If the partner considering filing for divorce is also the business owner, it may be helpful to consider the move as being similar to a business decision. In both cases, a plan may be helpful for identifying goals, risks, assets and other factors that may come into play. By investigating state laws and other information, an individual may be able to begin meeting with a lawyer with a realistic expectation of what to expect. It is helpful to keep the other party's interests in mind and to be prepared to compromise on non-essential points during negotiation. Parting ways doesn't have to be antagonistic, and it is wise to set aside emotions so that sensible decisions can be made.

When considering the business during divorce proceedings, a great deal of emphasis may be placed on the other spouse's involvement in the company and its growth. If the company is primarily handled by just one party, the other spouse may not receive much or any value in the business. On the other hand, a spouse's significant involvement in a company that unexpectedly thrived might require some thoughtful negotiating during divorce.

It may be helpful to have reliable experts working on a divorce case to ensure that one's business is preserved during the proceedings. A divorce lawyer may have recommendations in terms of accountants and other professionals for dealing with the business aspects of the action.

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