Ohio business owners trying to stay afloat in an economic recession have additional frustrations on their plates when they are also dealing with family matters such as divorce. A Chicago man is proving that a marital dissolution does not always lead to the dissolution of a business, though it was a long and expensive journey for him to achieve this goal. The man is the founder and owner of a Chicago based software consulting firm and was concerned that his lengthy and costly high asset divorce proceedings would leave him without a business.

The high tech business owner estimates the costs of his high net worth divorce exceeded $200,000, approximately 25 percent of his annual revenues. He faced additional financial stressors through the simple matters of divorce administration, citing lost work time for lawyer meetings and time spent tracking down paperwork for discovery in the settlement process that lasted longer than a year. In addition to the fiscal costs of his divorce, the mere administration of his divorce matters and meetings led to additional costs incurred through lost business and lost clients when his divorce business kept him away from his software business.

This particular divorce was settled without trial. Many leaders in the financial and family law industries suggest he "got off easy" as some CEO's can experience complete financial decimation during high net worth divorce proceedings. Even small business owners suffer financially in a divorce in a recession.

With an economic recession in full swing, business owners dealing with divorce finances may feel pressured to work more as a simple matter of keeping their business alive to pay for divorce obligations. Additionally, the recession may be to blame for higher divorce rates with breadwinners needing to be out of the home more frequently to compensate for financial losses during stressed financial times. This places a greater strain on the marriage, leading many families to the precise point they are trying to avoid, family court.

Ohio business owners dealing with stressful marriages in a recession can take measures to protect themselves from protracted divorce settlement matters. In some cases, these measures can protect business owners from financial losses during divorce, and possibly even protect CEO's from some aspects of the divorce itself. Many of these measures can be taken with the assistance of an experienced family law attorney, even if a divorce is not ultimately pursued.

Source: The Financial Post, "You don't have to lose your firm in a divorce," Deborah L. Cohen, Oct. 3, 2011