Divorce Planning Critical for Business Owners and Entrepreneurs

 Posted on January 16, 2017 in Divorce

Divorce can be an expensive undertaking for anyone, but entrepreneurs and business owners are at an especially high risk for financial complications. Thankfully, divorce planning can (and often does) help mitigate this risk. Learn more about how you can effectively prepare for your divorce, and why an experienced divorce lawyer is critical in this process.

The Sooner the Better

Perhaps the most critical thing to know about preparing for divorce is that sooner is almost always better. Time is literally everything. You will need to track your finances, living expenses, and determine the overall value of your assets so you can plan appropriately for your potentially scaled-down lifestyle. The extra time also gives you and your attorney a bit longer to work on developing a strategy. That might mean waiting until the "right" time to file or knowing which assets you should keep and which ones you should sell.

Time can also be used to protect your assets. For example, your attorney will likely advise you to change your passwords, logins, and financial data. They can also help you understand the difference between asset protection and asset hiding/depreciation, which is illegal. Unfortunately, such situations are easy to fall into if you do not understand them - even more so if you happen to be desperate to save a business or your assets.

Consider Alternative Dispute Resolution Options

Alternative dispute resolution options, such as mediation and collaborative divorce, are not for everyone. However, some couples do consider them favorable over litigated divorce. This is mostly because you and your spouse retain more power over the final outcome, but there are many other benefits as well. For example, mediated divorces are typically less expensive than litigated ones. They also tend to take less time than litigated divorces. Your attorney can advise you on whether mediation may be the most appropriate option for your case.

How an Attorney Can Help

Regardless of whether you choose mediation or litigation, it is critical that you seek experienced legal assistance with your divorce. This can ensure your rights are protected, and that you have a strategy for protecting your assets. Further, an attorney can help you navigate the complex process of divorce, from start to finish, while ensuring your best interests are preserved.

At The Stogsdill Law Firm, P.C., we understand just how important your financial stability is to you. We will take immediate, aggressive, and proactive action to help preserve it. Learn more about how our Wheaton divorce lawyers can assist with your case. Call 630-462-9500 and schedule your consultation with us today.

Sources:

http://abcnews.go.com/Business/divorce-hefty-price-tag-celebrities-billionaires/story?id=8363063

http://www.wsj.com/articles/how-to-plan-for-a-divorce-1410049066