There are few things in life that are as crushing or heart wrenching as divorce. While separations certainly wreak havoc on your emotional state, they can also become a major threat to your business. How do you protect everything you’ve worked for during one of the most stressful times in your life?
Before any major decisions, familiarize yourself with the economic state of your affairs by re-organizing bank statements and financial documents. Make sure you fully understand joint accounts and investments. This will allow you to negotiate while seeing the whole picture, including your business’s true balance sheet should the finances have to be divided.
It’s equally important to keep records of any and all discussions with your ex during this whole process. Keeping track of emails, notes or even texts that detail business arrangements can help to insure the business’s proceedings are fair and true to what was discussed.
Next, take precautionary steps to protect yourself from unseen debts. Joint accounts can lead to inaccurate credit reporting or fraud. By separating joint accounts or refinancing investments in your own name, you avoid the responsibilities of a mortgage or business loan in which you are no longer connected.
Give you and your business a fresh start. Opening new personal or business accounts will quickly help you to rebuild your banking structure and individual credit score.
It’s OK to Ask for Help
Divorce is always difficult. With the right help, you can protect yourself and your business during these emotionally trying times. If you’re interested in a new bank account, personal or business, contact Countybank at (864) 335-2400.