Divorce is a fairly common event in the United States. Although divorce rates have decreased throughout the years, the overall divorce rate is at around 40%. This percentage is still much higher than the percentage of people getting married, which is only 9%.
This means that you are not alone if you are going through a divorce. Many other business owners have gone through this before and have come out to the other side successfully. Here are five ways to deal with your business while undergoing a divorce.
Secure Your Assets
Your assets are the most vulnerable during a divorce. If you’re worried about your spouse taking them, you can take steps to protect yourself.
First, list all your assets, including accounts, property, and investments. Once you have a complete list, you can start to look at ways to protect your assets. There is only one real way to protect your assets. This main option is to keep them in your name. Then, if your spouse tries to take them, you can prove they belong to you. You can also restrict their use, such as requiring joint signatures on bank accounts.
You shouldn’t ever transfer or hide your assets under any circumstances. If it’s proven you’ve done this, you could face penalties.
Prenuptial and postnuptial agreements can also help protect your assets. These legal documents outline what will happen to your assets in the event of a divorce. If you have a prenup, your spouse may be less likely to try to take your assets. So make sure to do this if you’re planning to get married in the future.
Rework Your Five-Year Plan
No matter how amicable your divorce is, it will affect your business. As a result, you may have to make changes to your five-year plan.
If you had planned on growing your business with your spouse, you’d need to find a new way to do that. The first step is to find new investors. If your investors are in contact with your ex-spouse, you’ll need to find new ones. You can do this by going to networking events or searching online.
You may also need to change your business model. For example, if you were relying on your spouse for help with the business, you’d need to find a new way to do things. It could mean hiring more employees or working with contractors.
Whatever changes you need to make, the most important thing is to have a plan. So draw up a new five-year plan for your business. It will help you stay on track and reach your goals.
Regroup With Your Employees
Your employees are a great source of support during a divorce. They can help keep the business running while you’re going through this difficult time.
You need to sit down with your employees and explain what’s happening. It will help them understand what’s going on and how it will affect the business. You should also tell them you’re still committed to the company.
Then, delegate tasks to your employees. If you’re feeling overwhelmed, give some of your responsibilities to your employees. It will help lighten your load and ensure the business is running smoothly.
Finally, ask for help when you need it. Your employees will be happy to help you, so don’t be afraid to ask.
Get Professional Help
If everything is becoming overwhelming, then you’re going to need help. This form of help can come in the form of professionals. Regarding your divorce, it’s good to seek an experienced family lawyer to help you out. These lawyers know what they’re doing and can help you protect your interests.
You should also consider therapy. This is a great way to deal with the stress of a divorce. It will help you cope with the emotions you’re feeling. You can find a therapist online or through your local directory.
When it comes to your business, don’t be afraid to hire a consultant. Consultants can help you with the changes you need to make to your business. They can also help you find new investors and employees.
There are a lot of professionals who can help you during your divorce. Seek their help when needed, and don’t be afraid to ask for help.
Take Time For Yourself
During this challenging time, it’s essential to take care of yourself. This means taking time for your hobbies and interests. It’s also vital to exercise and eat healthily. Taking care of yourself will help you deal with the stress of a divorce.
It’s also important to spend time with your friends and family. They can provide you with support and understanding. Talking to them about what you’re going through can also help you feel better.
Finally, make sure to take some time for yourself. It’s a difficult time, and you need to focus on healing. So go on vacation, read your favorite books, or do whatever helps you to relax.
Divorce is challenging, especially if you’re running a business. But it doesn’t have to be the end of the world. You can get through it with some planning and come out stronger on the other side.
