Collaborative divorce can be a good fit for business owners | Lane & Lane, LLC
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Collaborative divorce can be a good fit for business owners

When a marriage ends, the resulting property division process can be devastating to one’s personal finances. When a couple owns a business, the result can be the destruction of that entity, which is a negative result for all involved. For those in New Jersey who share the goal of preserving their business, a collaborative divorce may offer a good solution.

Collaborative divorce is simply a path toward the end of a marriage in which both spouses pledge to work together to resolve all of the issues that come with moving from one household into two. It is a promise to find the path of least contention, and to avoid excessive litigation to reach the end of the union. For business owners, this approach can help both parties focus on their shared goal of preserving the business beyond the end of the marriage.

A collaborative approach can be far less disruptive to the operation of the business than a litigated divorce. This allows the business to continue to run, and keeps the details of the divorce private. In some cases, business owners who litigate are surprised to learn that the full range of their financial information is made public, including information about their business. This can lead to a decreased valuation of the business.

Collaboration also can result in lower legal fees than a highly litigated divorce, leaving more wealth to be divided between the parties. Solutions can be crafted that meet the specific needs of both the spouses and the business itself. In addition, a collaborative divorce can be processed far more quickly than one fought out in court, which can keep the business on track and profitable. At the end of the day, collaboration has a wide range of advantages to New Jersey business owners, and should be considered as a divorce option.

Source: allenpub.com, "Collaborative Divorce Protects Business", , Aug. 17, 2014

Source: allenpub.com, "Collaborative Divorce Protects Business", , Aug. 17, 2014

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