Monday, November 14, 2011

Divorce Impacts Small Businesses

From Reuters:

According to the 2009 U.S. Census, there were 9.2 divorces for every 1,000 men and 9.7 divorces for every 1,000 women. Most business owners don't head into marriage thinking about doomsday scenarios, but when divorce is imminent, small businesses are at significant risk, as leadership and financial resources may be stretched thin.

"Are we seeing businesses go under?" said Andrew Zashin, a Cleveland, Ohio-based divorce attorney whose clientele includes high-net-worth small business owners. "The answer is yes."

There is a bright spot. The availability of so-called "no-fault divorce" throughout the entire U.S. is approaching its one-year anniversary in October, twelve months after the state of New York joined the rest of the country by allowing couples to end marriage without allegations or proof of fault.

No fault divorce sidesteps the often-embarrassing litany of legally recognized grounds. Depending on the state, these claims can range from emotional abuse to adultery - and they can make the divorce process a painful, public spectacle.

"(No fault) advances preserving business because it helps people get divorced amicably," said Zashin, who over the years has faced bullying from angry spouses, including one man who brought a concealed sword to his law office and threatened him with it. "They can talk."

Read more here.

MR

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Comments

Technically, legally speaking if the couple built the small business during the marriage, then the small business is a martial asset and it is subject to division the same as any other marital asset would be.

Posted by: Tulsa Divorce Attorney | Nov 14, 2011 6:02:26 AM

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