The end of a marriage causes a lot of emotional strain and financial concern. But for business owners, it can be an especially troublesome process, due to the additional variables to consider and the impact it has on your company.
We can all agree that a divorce isn’t a pleasant experience for anyone, but it presents a variety of additional problems for business owners. Clayton Miller is an experienced London divorce solicitor and family lawyer. In this article, he’ll discuss a few of the issues business owners experience during a divorce and the best ways to respond accordingly.
Consider prenups and postnups
Although mentioning a prenuptial agreement seems like a ‘shoulda, woulda, coulda’ situation at this point, if you’re about to get married or plan to do so in the future, it’s something worth noting. A prenup will allow you to divide your assets and ascertain what your spouse is entitled to in advance, rather than go through a lengthy legal battle to get your fair share.
Compared to a prenup, a postnuptial agreement is a relatively new concept and one that can prevent a lot of hassle for business owners. A postnup is much like a prenuptial agreement, aside from the fact that it’s put into place while you’re married. This is especially useful for people who have established a business after they were already married. It can ensure that you have a way of protecting assets and anything else relating to the company in the case of a divorce.
Hire an experienced family lawyer
A divorce can be a make-or-break time for you both in a personal and professional sense. Your choice of legal representation is vital to give you the best chance of getting a fair share and protecting the future of your business. At this point, you should shop around for the best divorce solicitors that fit your budget. Knowledge and experience are the order of the day when it comes to divorce, so take your time when it comes to hire a lawyer.
It’s also a good idea to shop around outside of your local area and consider divorce solicitors from big cities. Doing so will give you a broader range of legal professionals to choose from, operating in a competitive environment that ensures a high-quality service.
The UK’s capital would be an excellent place to start, as around 75% of UK solicitors work in the greater London area. By hiring one of the best divorce lawyers London has to offer, there’s a good chance you’ll be hiring one of the best in the UK, too.
Delegate as much as possible
Although it’s difficult for owners of smaller companies who don’t have enough employees to spread the workload, for those who do, the benefit of delegating during a divorce is immeasurable. The hassle of a divorce will be enormously distracting, which will affect your ability to be an efficient business owner. Inefficiency not only has an impact on your potential for success, but also hurts your reputation.
Whether it’s business-related tasks that can be entrusted to an employee, or legal matters that a family lawyer can handle, delegating will be a huge benefit. More free time to think and plan ahead will relieve some of the pressure of your divorce and make sure your business doesn’t suffer.
Personal time is essential
Because of the financial dent caused by a divorce, it tends to make business owners spend a lot more time in the workplace, focusing on company-related ventures in an attempt to make more money. While this may seem like a good idea on the surface, neglecting your personal life and not making sufficient time for yourself or your family will take its toll.
As a business owner, it’s tricky to find the right balance between your work and personal time, especially if you’re a small business owner. If you neglect your personal life, it can lead to a variety of health issues, make you less productive, and may even be a contributing factor to your divorce. For many, a divorce is a depressing, stressful period, so finding any time to enjoy yourself and socialise more will be extremely beneficial.