Will collaborative divorce help me protect my business?

Collaborative divorce offers a unique approach for couples who want to end their marriage while working together to resolve their differences. This method of divorce can be particularly helpful for business owners who want to protect their assets during the process. 

Collaborative divorce empowers couples to negotiate outside of court. This way, they can maintain control over important decisions, such as the division of business assets.

The privacy of collaborative divorce

A key benefit of collaborative divorce is the ability to keep financial details private. This includes matters involving business valuations and income. Connecticut law requires transparency when dividing marital property, but handling these matters through collaborative negotiations can prevent sensitive business information from becoming public. This privacy can be helpful if you want to protect your company’s reputation and competitive advantage.

Advocating for a fair outcome

Choosing a collaborative divorce can also allow business owners to negotiate a fair agreement that considers the future of the business. Equitable distribution in a courtroom setting will lead to asset division that is fair, but not necessarily equal. Collaborative divorce provides more control over this process, allowing the spouses to decide what is fair and equitable themselves. You might decide on a settlement in which one spouse buys the other’s interest, for example. Other creative solutions, such as joint ownership, can also serve to protect the business after divorce. 

Mitigating business disruption

Aside from asset division, the divorce process itself can cause harmful disruptions to business operations. By working together collaboratively, however, couples can come to mutually beneficial agreements more quickly. This can reduce disruptions to the business. Maintaining a more amicable relationship during the divorce process can be especially important if both spouses will continue involvement with the business.

Overall, collaborative divorce is notable for providing flexibility and control over how business assets will divide during divorce. For those seeking to protect their business during a divorce, collaborative divorce can provide effective and creative options.