When a Kentucky divorce involves one spouse who owns a business, the manner in which that person conducts business during that time becomes a matter of vital importance. It is not uncommon for spouses to manipulate finances to benefit themselves when it comes to property division. The other spouse might want to look out for tell-tale signs of such financial deceit.
If the business owner implies that the company is unexpectedly struggling after years of success, making much less money and that it might have to close, the other spouse may have a reason for concern. There have been cases of business owners abandoning their companies, leaving their spouses without the know-how of running it in vulnerable positions. The situation can be saved if specific steps are taken.
The court can be asked to save the business by appointing a receiver to assume the duties of running the business during the divorce proceedings. Such a receiver then has two options. He or she can either take over payment of creditors and then liquidate the inventory or sell the business, or — if it is viable to save the business — devaluation manipulation can be stopped to re-establish a profitable concern that will bring value to the property division process.
Along with all the other stress-factors that typically accompany a divorce, coping with a spouse who tries to manipulate business profits to prevent an ex from a fair share in property division might be overwhelming. For this reason, others in similar situations might choose to rely on the skills of a Kentucky divorce attorney who is experienced in working with matters related to the protection of business assets. Choosing the right attorney may play a vital role in establishing post-divorce financial stability.
Source: wotv4women.com, “Dividing the family business“, Gail Saukas, Accessed on Sept. 29, 2017