You, your soon-to-be ex, and your Arkansas business

| May 23, 2017 | Firm News, High Asset Divorce

Some divorces in Arkansas and nationally are narrowly centered on a few specific concerns of both divorcing parties, and little else. Indeed, that is often the case where a couple is young, the marriage was of relatively short duration, and accumulated assets were not significant.

In other matters, divorce-related concerns can be far more varied and complex. That is of course true where children — and their very important personal interests — are involved, and where high-value assets feature.

Where the latter is spotlighted, it often the case that a business is at center stage during divorce negotiations.

In fact, the ultimate fate of a profitable business creation can be of central concern at all times, that is, prior to marriage, during marriage and following dissolution.

And that makes it critically important for a business creator to timely consider the steps necessary to ensure continued enterprise viability in the event that a marriage sours and divorce becomes a distinct or even imminent reality.

It is far from uncommon for many residents in Arkansas and elsewhere to firmly establish a successful business when they are single and still looking for a mate. It is important for them to note that the way that business is viewed and handled during marriage is fundamentally linked to how a court will construe it if the time ever comes for that entity to be evaluated and equitably distributed in a divorce proceeding.

There are many things an individual can do — and also avoid doing — to better ensure that a business will live on and be adequately protected in the event of marital dissolution.

We will take a look at some of them in our next blog post.

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