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Posted on in Division of Assets

divorce and shared business, Naperville IL divorce lawyerIt can be hard enough to deal with divorce when emotions are high, changes happen quickly, and you feel overwhelmed or stressed. If you and your spouse share a company, however, things become even trickier.

Many married couples start businesses together. Having a co-worker or partner that you can trust and rely on can be amazing, and many couples have seen extreme success with their shared business ventures. Unfortunately, nearly half of all first marriages end in divorce in the U.S., with an even higher chance of divorce for second marriages. It is no surprise that many couples each year face the challenge of divorcing and dealing with a shared business. There is no correct answer to handling your shared business. You may choose to split your business, sell it, or be able to continue to work together amicably enough. No matter the outcome, you will need some help through the separation process.

Plan for the Worst, Before the Worst Happens

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b2ap3_thumbnail_credit-card-debt-divorce.jpgIf you are planning a divorce, or are already in the divorce process, you are, most likely, hoping for a clean start. Separation from your spouse can mean new-found freedom, the ability to make your own choices, and ease the emotional burden of being in an unhappy marriage. If you and your soon to be ex-spouse have any shared debt, however, your chances of financial freedom are at risk. Before a divorce, couples need to ensure that they have properly established what will happen with the remainder of their joint credit card debt.

Harsh Realities

Credit card companies are not concerned with divorce. If you and your spouse opened joint lines of credit and then divorce, you are both still responsible for the debt. Furthermore, credit card companies have no problem going after both spouses, even long after being divorced, in order to receive payment. No recently divorced person wants to deal with the stress and pain of old credit card debt, or risk damaging their individual credit score, so it is important to take steps early on in the divorce process to ensure that your debts are divided properly and everything is taken care of.

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