It's a sad but true statistic: 50% of U.S. marriages end up in divorce court, a number that has held steady over the past decade in spite of bad economic times, according to the CDC's National Vital Statistics System. Although the numbers represent a decline in overall divorce rates from the high of the late 20th century, it is rising in some demographics–specifically, among baby boomers.
While the personal impact of divorce can be devastating, splitting up a marriage can also disrupt a spouse's business—especially the typical independent insurance agency, which tends to be privately held and frequently intertwined with the family.
In the case of a divorce, a privately held business can represent a major portion of the marital estate and become subject to division in the settlement. Business owners who don't plan for this eventuality the same way they would any other personal catastrophe could seriously damage their agencies as the result of a divorce settlement.
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