Keeping a business safe in a high asset divorce situation

On behalf of Gary Kirk of Kirk Montoute LLP posted in High Asset Divorce on Thursday, September 13, 2018.

Entrepreneurs need to know a lot more about divorce than the average Joe or Jane. Some Alberta residents who have amassed a sizable amount of assets from a successful business and now find themselves embroiled in a high-asset divorce may want to keep a number of things in mind. Keeping a business safe from a potentially angry spouse means keeping a level head since a lot may be at stake financially.

High net worth people have particular challenges when it comes to divorce. But when spouses are also business partners, it can get especially messy. There are ways, however, to ensure that the business is not adversely affected by an impending divorce. Collaborative law and mediation may make the going easier — much easier than the litigation process.

Making sure the business stays out of the crosshairs is essential. Employees might be negatively affected and feel like they have to take sides and customers may also feel the push and pull by the general atmosphere of the business place. So, keeping the divorce personal and separate from the business is crucial. So, too, then is keeping it out of the courts where everything becomes public record.

An Alberta lawyer may be able to help his or her high asset divorce clients from making unwise decisions regarding their divorces. Prudent legal advice in these cases may mean the difference between staying afloat financially and financial distress. There is a lot on the line when there are many assets in the picture and getting sound legal counsel is essential when litigation could mean losing a significant portion of what a client worked so hard to amass.

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