Margaret J. Nichols Family Law Blog on Lawyers.com

Collaborative Practice Allows Business Owners to Keep their Businesses After Divorce

Thursday, November 8, 2012 by Margaret J. Nichols

Photo of Margaret J. Nichols


Collaborative Practice
Allows Business Owners to Keep their Businesses After Divorce



            The family owned business is often
the most valuable asset in a marriage.  Most
people have watched in horror as a family business is destroyed by the acrimony
of a contentious divorce.



When couples divorce and one or both have an interest in a
family owned or closely held business, using the collaborative practice process
can help assure continuity of the business by:



            Permitting the couple to fashion a
common sense valuation of the business using a neutral professional they
select,



            Avoid intrusive discovery since
voluntary and full disclosure is made during the process thereby avoiding
competing experts tying up valuable staff time trying to get business records
through formal discovery,



            Records and other business
information are kept private,



            Reduced conflict allows the business
owner spouse(s) to continue focusing on running the business,



            The non-owner spouse has an
opportunity to understand the components of the business and have all of his or
her questions answered as part of the valuation process,



            The business valuator will include
both spouses and their attorneys in thoroughly explaining the valuation and
developing a plan for the business owner spouse to pay the non-business owner
spouse, his/her value of the business using a plan that will permit the
business to continue operating.



            Collaborative Practice protects business
owners and their families a great process for preserving their businesses
during and after a divorce.            



 
Posted at 13:48 PM
Topic: Family Law
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