What Happens To My Business If I Divorce?

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What Georgia Business Owners should know about divorce

If you are a small business owner in Georgia, you are accountable for your financial prosperity. Through your hard work and dedication to your business, you have been able to provide for your family.

A significant number of individuals in the wider Atlanta region derive a significant portion or all of their income from privately-owned enterprises. These businesses are often a crucial source of wealth for Georgia residents and hold a special place in their hearts. In some cases, these establishments have been family-operated for several generations, creating emotional bonds that are difficult to sever.

If you are contemplating divorce or suspect that your spouse is, it is understandable to be concerned about how the process may affect your business and financial stability. Conducting a thorough review of your situation and familiarizing yourself with Georgia’s property division regulations can assist you in devising a plan with your attorney to safeguard your business during a divorce.

When confronted with a divorce, a small business owner typically has three options.

The first is to transfer the business. This is an alternative when one spouse wants to relinquish their share of the company as part of the final property settlement or due to a trial. The second option is to divide the business. This option comes with advantages and disadvantages that are contingent on the company’s nature. Of course, the last option is selling the business. This can simplify the division of the company’s liquidated assets during the division of marital property, but it also entails relinquishing control of the business.

If you’re facing divorce and are a small business owner, taking the time to assess your situation is essential. Rather than creating unnecessary tension among your employees or hastily making decisions, a thorough evaluation can help determine the best course of action. The business’ value, operations, tangible and intangible assets, and the goals of each spouse are all important factors to consider. Based on these factors, it may be more advantageous to sell the business before the divorce, or to transfer or divide it instead.

Whatever road may be best for you, there is no single solution. For all small business owners experiencing a divorce, determining the best approach for your small business necessitates the expertise and experience of a reputable divorce attorney. Our firm is here so you don’t have to face the difficulties and headaches involved in divorce. We’ll help you assess which option is best for your business and link you with experienced commercial professionals to work side-by-side with us during the process.