Crain’s Chicago Business newspaper, the city’s premier source of business news, interviewed Cordell & Cordell principal partner Joseph Cordell about the significant damage a divorce can do to a business.
In “Family business and divorce: a six-step survival guide,” Mr. Cordell cautioned that for family-owned businesses run by married couples, a poorly handled divorce can be a one-way ticket to bankruptcy court.
Because the value of the business is critical in determining how much a departing spouse receives, it’s best to divorce before you expect a business to really take off, according to Mr. Cordell.
“The best time financially for a guy to consider divorce is not when the business is doing well but when it is doing poorly,” Mr. Cordell said. “When you know your marriage is awful and you’ve just been limping along, the best time to do it is when you can least afford it.”
To learn more ways to protect yourself and your business read the full article, “Family business and divorce: a six-step survival guide.”