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Mixing love and business can lead to a high asset divorce

It doesn't matter if you are one of our Illinois readers or live somewhere else in the United States, there is a good chance you know of at least one married couple who jointly owns a business. While this is a great way to enjoy success in the business world, it can lead to a lot of trouble if the personal relationship begins to take a turn for the worse.

There are several steps individuals can take to ensure that their business interests are safe should they be faced with a divorce in the near future.

Just because a personal break-up occurs does not mean the business has to end. Above all else, both partners need to be rational during this challenging time. Remember, it is not just the two people divorcing who are faced with a bad situation. Employees could also be impacted if things are not handled in the appropriate manner.

At some point, hiring an independent business appraiser is necessary. In a high asset divorce, both sides are going to be fighting for what is theirs. In the event that a business is jointly owned, it is a must for the company to be professionally appraised.

For many people, love and business go together hand in hand. For others, however, a personal relationship ends up taking a toll on their business. Bringing an experienced family law attorney into the equation is a step that many people take, ensuring that they are making choices that will secure their financial future, even if they have to share some assets with their former partner.

Source: WTXL.com, "Do Love And Business Mix?" No author given, Feb. 10, 2014

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