Individuals who have started companies that have seen success over the years may have earned a considerable amount of money. Because hard work and dedication often contribute to this achievement, many Michigan business owners feel reluctant to part ways with much — if any — of their stake in the company. However, some parties may find it more difficult to retain full ownership if they go through divorce.
Luckily, businesspeople do not have to immediately accept such losses. Individuals can take steps to protect their businesses when it comes time to divide property during divorce proceedings. As part of the agreement, a business owner could offer a buyout of the ex’s share. One method that could reduce business losses after divorce involves paying for an ex-spouse’s share of the business over time.
Of course, many individuals often want their divorce settlement upfront. Therefore, owners may have to work to compromise and negotiate with their exes in order to achieve the desired terms. If successful, parties may be able to stretch out the buyout payments while also maintaining their companies’ integrity and worth.
Finding the right way to successfully negotiate during divorce can prove especially vital to business owners and other individuals with a high net worth. Therefore, interested Michigan residents may wish to explore the option of buyouts as well as other methods that could help them keep the property they are most interested in. Speaking with their legal counsel could allow interested individuals to assess their situations more fully and ensure that they have reviewed their viable options.
Source: tgdaily.com, “3 Ways to Protect Your Business from Divorce“, Ian Reading, May 10. 2017