Having relationships with outside experts can be helpful during mediation. Many times these experts are professionals the clients know and possibly work with.
I currently have a mediation case with a husband and wife involved with three LLC companies, all owned by an S corp. The husband owns the majority of the stock, and from the start, wanted to ensure his wife was taken care of. She was previously an employee in one of the firms and had a large part in building the business, but did not want to be involved in the daily operations of the business as she had in the past.
After several meetings, I asked if they would consider having their corporate attorney, as well as their CPA, attend a meeting to determine the best way to plan for the wife to remain in an ownership position while not being involved in the day-to-day business.
Their divorce attorneys were also involved the whole time and told their clients that if they found a plan that satisfied both of them, they could go ahead and complete a settlement agreement. Does this happen all the time? No.
A couple of big risks involved with this kind of agreement are:
If you are a small business owner thinking about getting divorced, consider mediation with outside professional involvement. It can be an effective way of keeping your businesses going while being fair to both parties. Contact us today to discuss your options.