Dealing with a Business in Divorce Mediation
The process of divorce is not only the separation of two individuals but it also contains the separation of a whole host of other things such as children, assets, properties, and also businesses. What if you have a business that belongs to you and your partner? Rest assured that your divorce is going to have an effect on your partner as well as your business. At this point in time, if you have a carefully crafted prenuptial agreement, you are likely to have matters in black and white. However, if you don’t have a prenuptial agreement, your Orange County divorce in terms of your business can get complicated.
This is where divorce mediation comes in. Mediation can alleviate a whole host of risks that are likely to be involved in the handling and potential division of a community property business.
Situations of Complication
Before we outline the benefits that mediation is going to provide you. Let’s take a look at situations where complications can occur in a business due to divorce:
- When both of the spouses have been involved in the operation and the owning of the business during the time the marriage lasted.
- When one spouse has been the owner and operator of the business while both the spouses have been married to each other.
- When one of the spouses has inherited the business or has been operating and owning the business before the marriage and does so during the marriage (this is only applicable to case complications if there has been a change in the value of the business).
- In situations where there is no need for spousal and child support to be paid, instead there needs to only be finding out of the self employed spouse’s income.
The Mediation Solution
There are lots of things that divorce mediation can do to make divorce transition easy for you, your business, and your business partner. A few examples of it are:
- The use of mediation will make sure you have to ample time to spare and spend in the running of your business. The flexibility of divorce mediation allows you to manage your business and mediation side by side with neither overlapping the other.
- There is nothing that can hurt you and yours more than emotional distress. The best business decisions are done with a clear head. Divorce mediation is a conversational process to a divorce allowing for amicable relations between the former spouses to prosper and a healthy understanding to develop.
- The lower costs of divorce mediation are also an advantage to lessen the complications to a business that might occur from it. Litigation is likely to cost a considerable amount of money, and unless you have unlimited resources in your business, that decision may ultimately hurt your business. The best way to avoid it is by pursuing divorce mediation services.
To learn more about the divorce process in California and how mediation can help, please visit our page, “What is Divorce Mediation.”