When a New York business owner is preparing to divorce, there are a wide range of financial considerations that must be made. Dividing marital wealth is a difficult enough process, but add in the need to divide the value of a business and the task can seem monumental. For those who are able to work together with their soon-to-be-ex spouse, a collaborative divorce may offer an easier road to the end of the marriage and the division of the business.
Couples who use collaboration begin with the shared goal of hammering out the details of their divorce outside of a court of law. This does not mean that they forfeit the right to have their own individual legal counsel; collaboration usually involves the use of individual divorce attorneys for each spouse. The focus, however, is on reaching solutions, not on battling out each and every line item within the divorce.
For couples who own a business, collaboration helps both spouses remain focused on the shared goal of dividing the company while retaining as much wealth and value as possible. This is even more true in cases in which one party will retain the business and buy out the other. Causing serious damage to the operations of that company during the divorce process can leave the retaining spouse at a serious disadvantage in the years to come.
Collaboration is not the right fit for every couple. However, for those who are able and willing to work together to process the end of their marriage, it is a tool that can be used to preserve wealth for both parties. Collaboration is often a kinder, gentler and less expensive path to divorce, and one that many in New York could benefit from.