Know how to handle a company if you end up divorcing
Magnuson Lowell Blog
Each week we post a blog about relevant legal issues. Glance through our various topics to learn more about a particular legal situation.
These articles are for limited informational purposes only and are not, nor are they intended to be, legal advice. You should not rely on this information for your case and should consult with an attorney for advice regarding your individual situation.
Most Recent Posts ...
Posted on: 11/18/2024
Posted on: 11/11/2024
Posted on: 11/4/2024
Posted on: 10/28/2024
Search All Blog Posts
Blog Post Archive Categories
- Reconciling After a Divorce Filing
- Dividing Retirement in Divorce - Do I Need a QDRO?
- Options for Dealing with Real Estate in Your Washington State Divorce
- Filing for Immediate Restraining Orders in King County
- Obtaining and Collecting Child Support in Washington State
- Using Trial by Affidavits to Modify Support
- (Redmond/Criminal Defense) Time Matters for a DUI
- (Redmond/Criminal Defense) Field Sobriety Tests - What Not to Do
- (Redmond/Criminal Defense) - The (Redmond/Criminal Defense) - The Ability to Remain Silent
- Battling Father Time: Crafting Your Legacy with Precision
- Tips for Talking to Your Family About Your Estate Plan
- How to Choose Your Personal Representative for your Will
- Renewing a Domestic Violence Protection Order in Washington State
- Little Known Washington Driving Laws
- What`s the Deal with Prenuptial Agreements?
- When to Call it Quits During Mediation
- Legal Implications of Dating During a Divorce
- Should You Keep the Financial Status Quo During Your Divorce?
- Why Expediency is Important After Your Car Accident
- Understanding Independent Medical Examinations (IMEs) in Washington State
- It only takes 3 seconds...
- Gotta love our court system!
- (Redmond/Crazy Lawsuit) The Walking Dead: or Not!
- (Redmond/Crazy Lawsuit) Here Comes Football - and Litigation
- Honoring Our Heroes: A Thank You to All Who Have Served!
- Happy Halloween from Magnuson Lowell
- 10 Tips You Need To Know Before Getting On A Motorcycle
- Top 10 Tips You Need To Know Before Getting On A Motorcycle
- Top 10 Tips Riders Need To Know Before Getting On A Motorcycle
- In a Car Collision...Now What?
Know how to handle a company if you end up divorcing
A divorce comes with a lot of unknowns. You might wonder who is going to get what and have a host of other things to consider. If you and your ex have a business that you both run, your divorce is going to be a lot more complicated.
Your business' needs won't stop just because you are going through a divorce. If you and your ex are going to continue to run the business together, you have take the time to prepare for this.
One thing that you need to do is to define the roles that you and your ex will have in the business. Go in depth about what each of you is going to do. Define what will happen if your duties and your ex's duties overlap. By clearly stating what each person's role is in the business, you can prevent issues later.
Another thing to think about is the financial aspect of the business. You and your ex need to determine who is going to get what. This can be a percentage of the profits or an actual salary. In either case, make sure that you define what is going to go back into the business.
Finally, be prepared for your relationship to change as you and your ex continue to run the company. Hopefully, the two of you can maintain a good working relationship throughout the divorce and after it. Make sure that you give yourself an out just in case things don't work out that way. Your decisions and planning now can help you to make sure that you are protected down the road.
Source: Entrepreneur, "If You Run a Company Together, What Happens When You Divorce?," Kate Taylor, accessed July 07, 2017