How Can I Safeguard My Business During Divorce Proceedings?
When individuals consider the negative ramifications of a divorce, they often focus solely on the effects it has on the home and family unit. However, divorce has the capability of negatively impacting the finances of a business which potentially interferes with the lives of many Americans. According to the Harvard Business Review, divorce costs the American workplace as much as $150 million on an annual basis. Therefore, it should come as no surprise that divorce can have wide-ranging negative impacts on your business.
Understanding the potential impacts is one way you can protect the long-term success of your company:
Firstly, divorce has the potential to disrupt day-to-day operations. Divorces demand attention, diverting focus away from management responsibilities. The emotional and mental demands of the divorce process can lead to distractions and reduced concentration on work. Business owners or key employees going through a divorce may experience decreased productivity, increased absenteeism, or challenges in making important business decisions. This disruption can have a direct impact on overall business operations and potentially affect profitability.
Secondly, divorce can significantly impact business partners and employees. If you hold any ownership interest in your … Read More... “The Cost and Impact of Divorce on Businesses”