If you plan to keep running your business during and after your divorce, you do not want to let your company’s performance slip while you divide your focus. Bad press can lead to bad business, and you may lose profits and clients if you do not properly manage your affairs.
Here are a few things you can do to keep your business running smoothly to avoid unwanted publicity and other repercussions:
- Analyze Your Assets. Remember that California is a community property state, so any income made during your marriage will be divided between you both. If you plan to keep complete ownership of the business, you will need to negotiate to terms amenable to both you and your spouse. You may be able to counter with other assets, or you could try to purchase your spouse’s portion.
- Who’s the Boss. If your spouse is a business partner who wishes to continue working at the company, you will need to determine whether you can continue working together once you are divorced. You may find it in your best interests to sell your part of the business and start anew. Alternatively, you will need to create good processes to protect your business (and its employees, vendors, and customers) from being negatively affected by the separation and its aftereffects.
- Get Another Opinion. Go slowly, and get trusted advice you before you make any big decisions that could impact the company. A neutral third party, such as a business coach that you trust or a former partner or mentor, can give you insight about what to avoid doing and how to navigate any work-related crises that emerge during the divorce. A qualified California family law attorney can also help you keep your activities legal, smart and fair and avoid negative tax consequences of any strategic business decisions.
- Delegate Tasks. Identify any time consuming tasks you can assign to someone else. Free up your resources to focus on the divorce and the minimum strategic needs of the business.
- Focus on the Future. Nip bad behavior in the bud by letting your team know that you intend to keep the business up and running. Uncertainty about the company’s future could damage morale, panic employees, and start rumors.
- Know What to Say. Sometimes the best way to avoid bad PR is by having a statement prepared in advance. You may want to confer with your lawyer to determine what you can and should comment on. Consider getting a confidentiality agreement to keep your personal details out of your business.
- Be Ethical. Avoid using your business to “get even” with your spouse or hide assets. For instance, do not do things like purposefully avoid taking on new clients to lower the apparent value of your business during the divorce negotiations.
If you worry about your company’s reputation, speak with an experienced California divorce lawyer with the Law Offices of Silky Sahnan to address your concerns. Call us at 888-228-1098.