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Divorce and Your Money - #1 Divorce Podcast

Visit us at www.DivorceAndYourMoney.com Divorce and Your Money is your guide to avoiding costly mistakes during divorce. Shawn Leamon, Certified Divorce Financial Analyst and MBA, wants to help you learn the fundamentals of how to get a divorce. Whether you are looking for an uncontested divorce, a do it yourself divorce, or an online divorce, resources are available to offer guidance. Through his divorce podcast and divorce blog, Shawn offers his professional opinion on the best ways to handle the end of your marriage. He covers topics including how to file for divorce, divorcing a narcissist, and finding the best divorce attorney. Even tricky subjects such as a “what is a QDRO?” and “is alimony taxable?” are tackled through these venues. If you need to know what the first steps are or what you should do to head to trial during litigation, you can find resources to give you a step-by-step guide to what comes next. Think of his advice as an alternative to divorce support groups where you can find exactly what you need when you need it. He offers one-on-one divorce coaching to give you a solid grasp on the decisions that are bound to affect your financial future. Before you have a divorce decree in hand, you will likely go through some type of divorce mediation. For any spouse saying, “I want a divorce,” you need to make sure that you are getting the financial future you are entitled to. Do not allow yourself to be blinded by the emotional, legal, and financial burden that divorce can become. Instead, take control of your situation with sage wisdom to help all individuals make better financial decisions for their independent future. If you find yourself asking “where are the best divorce lawyers near me?”, Shawn can help you to recognize the best of the best. Whether you need a divorce in Texas, a divorce in Florida, or a divorce in New York, you will have all the knowledge you need to find the best team of professionals to assist you. You can start from a place of being legally separated or once you have already started to file for divorce using free divorce papers or an attorney. No matter where you or your marriage may be in the process, Shawn Leamon has professional advice to offer your unique situation. A simple no fault divorce or a high-stakes power struggle are all areas he has vast experience with during his work outside of Divorce and Your Money. Let his advice be a guide to help you get all that you need for a secure financial future in your divorce records. It will not make a difference whether you are getting a divorce in Ohio or a divorce in California if you are following the basic principles set out through Divorce and Your Money’s divorce blog, divorce podcast, and divorce coaching.
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Sep 20, 2017
This episode will cover the options you have if you own a business with your soon-to-be ex-spouse. Under normal circumstances, businesses are very complicated. When you are getting divorced, it is even harder. Because this is such a complicated topic, this episode will not be able to go in-depth, but we will cover the options that you have for dealing with your business in a divorce:
 
  1. One spouse buys out the other.
  2. Both spouses continue to work in the business together.
  3. Walk away from the business entirely.
 
This is one of the most common options in the divorce world. One person retains ownership in the business, and the other no longer has any ownership, but they receive money for the value of their share. For example, let’s say you and your spouse co-own a gym, and your spouse wants to buy you out. How will that work? In a perfect world, you know the value of the gym, and you know the value of your shares. If the gym is worth $100,000, and you own half, your spouse will write you a check for $50,000. What happens if your spouse isn’t able to pay you $50,000 right now? It will become more complicated. 
 
They may offer to pay you $10,000 a year for the next five years. In that case, you may want to factor interest into the equation. You could also consider taking a portion of the profits each year. You may also be able to pull that $50,000 from another asset, like a retirement plan. There are options for how you structure a buyout. However, with most buyouts, it is difficult to determine exactly what the business is worth. There are experts who value businesses, but it is a somewhat subjective process.
 
This is not a very practical option. It can be difficult to continue to work with your ex-spouse. You may have to be around their new boyfriend or girlfriend. When work-related problems arise, the history that you have with them can amplify the conflict. This option is very difficult to execute, although people do sometimes attempt it.
 
You could sell the business or simply close up shop. There are a number of reasons to consider this option. If it is unfeasible to continue running the business, you may want to walk away. Owning a business can be a burden, and sometimes it is simpler to sell the business or close it.
 
What you decide will depend on what is best for you. Businesses are very complex. There are also legal considerations – is it an LLC, a C-Corp, an S-Corp? Who are the shareholders? What does your operating agreement say? What if investors or employees own part of the company? These are complicating factors that you will have to consider. You will need to understand the various considerations: taxes, employees, investors, etc. Make sure you handle all of these issues as cleanly as possible.
 
Before you go, visit divorceandyourmoney.com:
1) Sign up for the email list to get exclusive tips you won’t find anywhere else.
2) To get access to the best divorce resources in the United States, check out the store here.
3) Get personalized help. Learn about coaching services here.
 
Thank you for listening!
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