How Will Filing For A Divorce Affect My Ability To Run My Business?

Updated 09/07/22

Divorce proceedings can be stressful and time-consuming, with consequences that may not become apparent for years. However, over time, they have become more frequent events. It is predicted that more than 50% of all marriages will end in a complete divorce since thousands of people continue to file for a dissolution of marriage each year.

Most parties find the divorce process unpleasant, largely because of the effort and length of time required to complete a divorce case. Those worrying that getting divorced will negatively affect their finances will find the specialized field of the process and the difference in the structure of a divorce paper for company owners to be helpful.

Divorce for business owners can aid in developing practical habits that will prevent it from impairing your capacity to manage your company since changes to a joint asset, a new trust, or research into community property rules may be necessary. Therefore, it’s essential for business owners and other interested parties to consult experienced divorce lawyers when they are in such a scenario. Even if you’ve already gone through a divorce, the way American culture is evolving means that what you know about the procedure may now be completely different.

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“How will a divorce affect my business?”

This is an understandable question to ask as you consider the long-term consequences of ending a marriage. Filing for a divorce is a frustrating and time-consuming process, one that can still impact you years down the road with you none the wiser. Divorce for business owners is a resource you can turn to in order to figure out every last detail on your way to a final decision. With marriage rates on the decline and divorce more common than ever, it won’t be hard for you to find a conclusion that will support you.

Is Divorce Common?

Divorce has become increasingly common over the years. It’s estimated over 50% of all marriages, irregardless of length or personal circumstance, will end in a divorce. Every year sees thousands of people filing for a separation. First marriages that end in a divorce have an average lifespan of eight years. Third marriages, on the other hand, have the highest rate of divorce at 70%. Marriages, overall, have been found to last longer on average when people marry at an older age or have a higher education.

What Causes Most Divorces?

A lot of common ideas about divorce and family divorce lawyers are changing, too. Living together before marriage is no longer a strong predictor of divorce, thanks to studies released by the Centers For Disease Control And Prevention, and February is now the most common month for divorce filings. The five most common factors contributing to a divorce are infidelity, abuse, financial struggles, loss of interest and communication problems. While some seek couples’ therapy to patch their marriage back together, others look for divorce advice.

What Health Issues Are Caused By Divorce?

The process of divorce is stressful for most parties, due in no small part to the amount of work and time it takes to complete the separation. Some don’t even have the luxury of an uncontested divorce. Children of divorced parents are twice as likely to drop out of high school. A University Of Florence study also found that infidelity outside the home is associated with a much higher risk of heart attack or stroke. This doesn’t mean divorce is a bad process, however, and how beneficial it is depends on the individuals in question and their unique circumstances.

What Long-Term Financial Changes Can I Expect?

Divorce for business owners is a separate field that’s particularly useful if you fear a divorce will impact your finances in more than one way. The average length of a divorce proceeding is one year, which can last much longer if you also have children to take care of or assets to distribute. Divorce for business owners can help you pick up useful habits to keep a divorce from affecting your ability to run your business. This can mean changing a joint asset, rewriting your trust or looking into community property laws.

Should I Meet With An Attorney?

The next step for business owners, and interested parties in general, is to meet with a divorce lawyer. Even if you’ve been divorced before, what you know about the process could be entirely different thanks to the changing face of America’s culture. Divorce rates for couples over the age of 50 have doubled in the last 20 years and Western states are now boasting some of the highest marriage and divorce rates. A lawyer can assist with real estate, child custody and any other factors that are involved in your separation. Even just asking a few questions will put you in a better frame of mind.

Create a decision that supports you for years to come and look into divorce for business owners.

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