A divorce can affect a lot of different factors in a person’s life including finances, family ties, personal well-being and even that person’s career or profession. For Illinois couples who are involved in business together but have chosen to divorce, they will undoubtedly have to make some serious decisions regarding the organization’s future and success.
According to the Huffington Post, there are some valuable steps that any divorcing couple can take in regards to protecting their business. Proactive measures such as these can be crucial in preventing divorce from impeding company success. Here are some of the things a couple can do:
- Distributions: An individual’s decision to limit the amount of distributions he or she makes from the business can help protect the company and work in favor of maintaining clean financials.
- Finances: Under no condition, should a couple ever consider mingling business and personal finances. By keeping these two vital accounts completely separate from each other, disagreements can be avoided and separation of business assets can be a whole lot easier.
- Financial Records: Any company that practices transparency is better able to produce clear financial records. If a couple chooses to divorce, having a clean financial record can expedite proceedings and allow organizational practices to continue undisturbed.
- Valuations: Regardless of the condition of a couple’s personal relationship with each other, they should invest in getting a valuation of their business every so often. Doing so can provide legitimate legal records that detail how much a business is worth aside from personal opinions.
What some may find surprising is just how common divorce is in the United States. According to a report given by the American Psychological Association, between 40 and 50 percent of the nation’s married couples end up divorcing.