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What You Need To Know To Totally Divorce-Proof Your Business
In the United States divorce rated for first time marriages is 41%. When it comes to staying married, the gamble is 50/50. There are a lot of things to consider if you decide to part ways. Your business with your partner is one major thing at stake. It is important you protect your business. Keep in mind that divorce can get messy. It is not uncommon to hear of one partner going after the other’s business when a marriage splits. It is essential you plan ahead. Read on to get tips on how you can divorce-proof your business.
Consider limiting the involvement of your partner to your business. It is wise you know the safest legal route before you bring your partner into your business. Majority of couples achieve success by working as a team. You need to work with someone you trust. A trustworthy person will respect your business. Even when you part they will be reasonable. The business needs be a 50/50 deal. It is advisable you put the role of each one of you in writing with an attorney present. It helps avoid any disagreement. For those who have shareholders and partners you need to have a buy-sell agreement. They will be able to buy the shares in case you divorce.
Also, ensure you have a prenuptial agreement. This is the surest way of protecting your assets in case of divorce. It is a legal contract that protects your assets. Make sure you include your business as an asset when creating a prenuptial agreement. Make sure you have a lawyer when formulating the agreement. Prenuptial laws vary from state to state. A lawyer will ensure there are no loopholes in the agreement. It is advisable your partner signs the agreement in front of a notary. It will ensure that your partner never claim to be coerced to sign the agreement.
Additionally, put some of your income into your household. Majority of business owners put their money back into the business. This can result in a tricky situation if you get divorced. You need to put your money to your business to have a fair share. You need to also pay yourself.
Make sure you lawyer up when divorcing. There are other couples who divorce peacefully through a mediator. However, most couples are not able to work out their issues together. That is why you need an attorney to guard you during the court process. It is vital you protect your assets and business from divorce. Not hiring a lawyer will make the process hard. There are lawyers who are experienced than others. You need to choose a lawyer who has specialized in divorce cases. Make sure you have a postnuptial agreement after the divorce is finalized and you can view here to learn more.