North Carolina business owners may discover that divorce proceedings prove disruptive to their professional endeavors. The serious and involved nature of a divorce isn’t something a business owner or top executive may easily put aside when work duties arrive. Damage to a business might undermine earnings, career prospects and more, so the following information might help alleviate some business-related concerns.
The top concerns among business owners in a divorce are any claims on the business or its assets. Since North Carolina is not a community property state, a court would decide the equitable distribution of assets. A business owner may rely heavily on an attorney to protect his or her share of a company. The possibility may exist that both parties negotiate an equitable settlement. If not, then a drawn-out court process might follow.
Walking out of court or settlement negotiations does not mean leaving stress and worries behind. Distractions and anxieties might undermine someone’s ability to run their day-to-day business operations. Getting a handle on things may prove complicated if the former spouse remains active in the business. When she or he owns a percentage of a business, dealing with the ex-spouse may be unavoidable. Hopefully, everyone could arrive at a workable arrangement.
When things aren’t going well between divorcing spouses and their business arrangements, there may be some actions one person could take. Selling his or her shares and walking away could be beneficial. Buying out the other spouse may also be an option. Even putting the business in a trust becomes a possibility. Each spouse might look at various solutions differently, so it may be wise to speak with an attorney about options.
Divorce proceedings might create many problematic situations for a business owner. An attorney may assist an individual in protecting their assets and their interests.