Protect your loan portfolio against the perils of divorce
Abstract: Many successful small businesses are run by married couples. But when divorce strikes, business performance may suffer. This article explains how lenders can help borrowers set aside hurt feelings, remind them about the importance of keeping their personal and business lives separate, and recommend a financial advisor to identify and work around potential roadblocks. It also discusses an emerging concept known as “collaborative divorce,” which, under the right conditions, can minimize costs and business disruptions — and teach former spouses how to work together after they’ve parted ways personally.