Business owners often worry that a divorce will ruin their finances and their ability to keep the business afloat. They think they may lose everything and have nothing left for their future.
If you are a business owner, a Collaborative Divorce, which works for almost everyone no matter the circumstances, may be the answer you are looking for.
A Collaborative Divorce Keeps Private Information Private
If you divorce through traditional litigation, all documents, including financial documents, must be filed in court and are available for the public to view. This includes income and expense declarations, partnership forms, profit and loss statements, and more.
Court hearings are also open to the public and can be attended by anyone. Any hope you have for privacy is thrown out the window. It does not exist.
In contrast, in a Collaborative Divorce, nothing is filed with the court except for the final settlement agreement. All financial documents are kept private. They are not filed with the court and there are no public hearings.
As a business owner, it may be important to you to keep these documents out of the hands of your competitors. Or you just may not want to publicize your private business records for anyone to review.
Collaborative Divorce Allows You to Create Your Own Settlement with Expert Guidance
In traditional litigation, the court makes decisions about property division, including the division of a business interest. In addition, courts are always busy, and it is possible a judge does not have the availability to review all the documents. Courts are bound to follow certain legal principles and do not have the freedom to be creative.
In a Collaborative Divorce, neutral financial counselors, like certified public accountants (CPAs) are brought in to guide you in ways to preserve the business. A financial expert may be consulted to value the business and make suggestions about how to come to a fair division agreement.
Often the couple saves money his way because instead of each one hiring their own expert, they share the costs of one neutral expert.
When the couple comes to a settlement, they put their agreement in writing and that is the only document that is filed with the court.
At Heberger & Company an Accountancy Corporation, we assist business owners in their collaborative divorce process. Contact us to see how we may help you. You may also reach us at 559-227-9772.