Divorce Tips for Arizona Business Owners

Divorce Tips for Arizona Business Owners

Divorce Tips for Arizona Business OwnersGoing through a divorce is a difficult and emotional experience, and it can be even more complex when you are a business owner. Divorce poses unique challenges for business owners, especially in the ever-changing business environment of Arizona. Whether you are the head of a small business or part of a larger corporation, a divorce can have a significant impact on your company. Below, we take a look at some strategic divorce tips to help you navigate the process as an Arizona business owner.

5 Divorce Tips for AZ Business Owners

1. Consult with Legal Experts Familiar with Business Valuation

When you are a business owner starting the divorce process, one of the most important things you need to do is determine the value of your business. A business valuation attorney can help you make sure your company is valued fairly. This is important because the value of your business will determine how your assets are divided in a divorce.

2. Keep Business and Personal Finances Separate

To protect your business assets in a divorce, it is important to maintain a clear financial separation between your business and personal finances. This includes keeping accurate records of all business transactions and avoiding using business funds for personal expenses.

3. Consider Mediation for Divorce Tips and Amicable Resolution

Divorce mediation is a growing choice for couples seeking a fair and amicable settlement. It allows you and your spouse to work together with a neutral mediator to make decisions about asset division, child custody, and other important matters. This can be especially helpful for business owners who want to keep control of their company’s future.

4. Develop a Co-Ownership Agreement

A co-ownership agreement is a document that outlines how a business will be managed and what happens in the event of a divorce. It is important to have this agreement in place if you co-own a business with your spouse. It can prevent conflicts and ensure the smooth continuation of your business operations.

5. Protect Your Intellectual Property

If you have a business that relies on intellectual property, such as patents, trademarks, or copyrights, you should protect these assets during a divorce. Intellectual property can be valuable, so you should make sure it is not overlooked when dividing assets.

Divorce can be a complex process for business owners in Arizona. To navigate the process successfully, business owners should consult with legal and financial experts, maintain clear boundaries between personal and business finances, and consider mediation.

About Oliver Ross

Oliver Ross, JD*, PhD founded Out-of-Court Solutions Inc. in 1995 and since then has mediated over 3,000 divorce and family matters. He is a select member of the Maricopa Superior Court Family Mediation roster