by Douglas Gardener
Many businesses begin between two ambitious youth right out of college, or at least younger people with fewer strings attached and less of life’s baggage. They have big dreams, big ideas and the energy to pursue these dreams.
In time their business grows, but at the same time it is likely that some of the partners also experience the addition of spouses and children. Hopefully, the amount of time and energy put in developing the company equals the amount of time and energy they put into maintaining their marriage. But, even if both partners are working at their personal and professional life, statistics show one of the partners will discover their happy ever after is being settled in divorce court.
If proper legal counsel was not sought in the initial development of the business there will be dire consequences that can and will affect the business. The estranged spouse may be entitled to an equitable share of the part of the business. As a result several scenarios will exist which may jeopardize the future of the business.For example, the business may be forced to buy out the estranged spouse or bring that adversarial spouse on as a partner. Neither option is very appealing.
Entrepreneurs and business owners should take steps in the early stages of a business to prepare for this and a host of other possible life events through agreements between partners and perhaps spouses.
The good news? It is not too late. If you have a business with or without a partner, seek experienced legal representation. Call 800-899-2730 and ask to speak with Douglas C. Gardner, or visit our website at www.yourarizonadivorcelawyer.com.