When you are a professional such as a CPA, dentist or doctor who owns your practice, or you are a small-business owner in general, it is natural to wonder whether a divorce will affect your operations. After all, you heard about that other dentist whose business records became public in divorce, and employees found out the business had been shut down.
The good news is that such things do not have to happen in many divorces. You may have a large degree of control over how disruptive your divorce is to your business.
Quite a few divorces, even complicated ones, are resolved out of court. Resolving a divorce without litigation could allow a divorcing business owner to avoid having to spend time lots of time on things like court appearances. This could allow you to continue to spend a lot of time at your business or practice. You may be able to remain as accessible as ever to your colleagues, and your stress levels might stay relatively low.
Also, your business records, such as valuations, would likely not become public because the divorce process stays out of court.
Of course, there can be situations where your ex is set on having a contested divorce no matter what. You may find yourself scrambling to meet a flurry of legal filings and touching base with your lawyer often to ensure that your ex does not do anything underhanded. In such scenarios, yes, your divorce could disrupt your business operations by removing your focus on the business. It might help to have a trusted second-in-command take over the reins for the time being. Some business owners also realize during such times that the business is their number-one priority. That is, they are willing to make concessions in other areas of the divorce if it means they get to fully keep the business. Your lawyer can advise you on the various options available.
Work you did in advance of your marriage, such as a prenuptial agreement, can also affect how disruptive your divorce is. The same goes for how you have been running your business while married. If you are considering divorce, you may want to talk with a lawyer to strategize ways to minimize the impact on your business.