Divorce can be complex, especially when the company you built is on the line. If you are a business owner whose marriage has come to an end, you may be tempted to begin looking for advice on how to protect your assets immediately. However, between friends, colleagues, and the internet, there is a lot of misinformed opinions and bad advice out there.
To help you sort through what suggestions hold water and what advice you can avoid, our founding attorney, Lewis Pacific Cascade, has published an article online in the Portland Business Journal (PBJ) outlining what you should know.
The following bad advice could get you into trouble:
- You made your business, your ex doesn’t deserve any part of it
- Trading your business in exchange for all other assets is the best option
- You are your own boss – reducing what you pay yourself can avoid spousal support.
Remember, this is bad advice. Be sure to read our article on the PBJ for a more in-depth examination of each point.
As a business owner, you have likely made countless sacrifices, putting in blood, sweat, and tears to ensure your company’ success. As such, it is likely that you will feel a deep connection to your business. However, making choices in the heat of the moment can have lasting implications and the truth is that a divorce involving a business does not need to be a battle at every turn. By approaching your divorce carefully and strategically, you can work for a more stable outcome, for yourself and your business.
Legal Help for Divorcing Business Owners
At Pacific Cascade Family Law, we have become well acquainted with local businesses and communities. We understand what you are going through and our divorce attorneys can help you to navigate through every stage of the process ahead.
Do you still have questions about divorce? Schedule an initial, confidential consultation with our firm today.