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How divorce can affect a business

When a Pennsylvania company's owners have a falling out, it can be an incredibly stressful time for an organization of any size. However, it can be just as difficult when the owners are married and their relationship is coming to an end. The worst may be when a couple starts a business together and then they split up.

One example of this involves a couple who launched a successful translation-software firm that grew to having thousands of employees. Major problems started when the couple's relationship soured and they began to fight over issues related to running the business. Things got to the point that a court ordered the sale of the business since the owners were deadlocked.

There are some steps that people can take to ensure that their business doesn't end up in the crossfire when a couple's relationship goes bad. One option for couples who haven't yet gotten married is to set up a prenuptial agreement that determines how assets and business issues will be handled in the event of a divorce. If both parties aren't involved in the business, a prenup can ensure that all of a business' assets stay with the individual who runs the organization.

When a couple gets a divorce, there are a number of types of property that may be divided up during asset division. Even things that people consider to be their own, such as retirement accounts or items in their name, like automobiles or real estate, may still be considered marital property. As a result, it's important for people to know what assets may be considered marital property, and a lawyer could explain what determines this as well as being of assistance during property division negotiations.

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Goldman Law Offices

90 E. State Street
Doylestown, PA 18901

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