123’s of The Role of a Business Lawyer in a Divorce
Approximately 15 years ago I found myself accidentally involved as co-counsel in a high stakes divorce. My client, who owned his own business, went through a divorce and requested my help to find divorce counsel. I initially assisted in providing corporate information and playing a minor support role. However, my involvement escalated because our client’s business was the largest asset in the community estate. My role ended up creating a unique advantage in the outcome to that divorce, and was the beginning of an ongoing role in the family law world.
Business lawyers can help in various ways in a divorce. A role for a business lawyer may make sense if a business is an asset in the marital estate. The business lawyer brings business experience and a traditional business approach into the emotional, highly-charged scene of a divorce. The following are some examples of how a business lawyer may help in a divorce:
- Assist with discovery and identification of ownership and management issues that impact the divorce;
- Assist with addressing the impact of divorce standing orders or other orders on the operations of the business;
- Provide business counsel on behavior of a spouse in running a business during a divorce, including breach of fiduciary duties;
- Implement a negotiated divorce settlement, including developing the appropriate transfer documents, loan documents, and security instruments;
- Serve as a neutral expert in a collaborative proceeding to document the negotiated settlement for the business;
- Assist in preparing briefs and motions where the business law issues must be argued to the court; and
- Assist in providing counsel in a business transition caused by the divorce.
Divorce is complicated and emotional. A business lawyer creates a small but sometimes critical advantage to confront business issues surrounding a divorce.
For more information on how we help when a business is a part of a divorce, please contact Michael Byrd at 214-291-3202 or email@example.com.