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Protect your business when an employee divorces

On Behalf of | May 19, 2021 | Divorce

If you are a business owner in Orlando or other part of Florida, you may want to read more about how you can protect your business’s bottom line when one of your employees is going through a divorce. You can set up systems to head off disruption of your business. Although divorce seems like a personal matter, it can create a headache for the business that employs the worker.

Helping your employees

According to Kiplinger, your employee might be experiencing financial burdens, stress, time crunches and distraction. When you assist them with obtaining the necessary documents for their divorce, you help the proceedings go more smoothly so that your employee can be productive again.

Know your employee’s spouse’s rights

Beware of creating needless problems and delays in refusing to provide information to the non-employee spouse. They are legally entitled to certain information. Some of the areas included in the right to know are the following:

  • Salary and bonuses
  • Deferred compensation
  • Stock options and vesting schedules
  • Tax return information
  • Stock paperwork
  • Arrangements between the employee and business regarding compensation

Be organized

You can streamline the process for the employee when it comes to obtaining financial documents. Rather than a general approach, files should be employee-centered. Consultation with an attorney versed in family law may help you create policies that work for your business and your employees.

With this in mind, the employee can access the information on their own time, rather than on company time. Send out quarterly or semi-annual statements so that each employee has this information in the event of a divorce.

Get information quickly

If the information is not produced quickly, expenses might rise from accountants or corporate counsel. It is smart to have the business information available to help you save time and money in the long run.