How can I protect my business from divorce?

Before you file your divorce papers in Fort Mitchell, think about how it can affect your business. If you are not careful, you could risk everything you have worked so hard for to a spouse who contributed considerably less or nothing at all towards it. You do not want to rely on any verbal agreements you have with your partner because they can be hard to enforce. Also, you should not assume that there is nothing for you to worry about if your divorce seems to be amicable. 

Although you may not have taken steps to shield your business before you married your spouse, it is not too late for you to do so now. Take some time to review the following suggestions on how to protect your business from divorce. 

Assess the situation 

You should evaluate your business to determine how much of a role your partner has in it. If they are an employee, you should evaluate their level of involvement so you can have a better idea of how much of a claim they have (e.g., consultant, employee, management or partner). The less your partner is involved in your company, the less of a stake they have in it. The less stake they have, the less they can benefit off your business in your divorce.

Negotiate with your spouse 

Your spouse may not be as interested in your company as you think he or she is. They may only want what they believe is their fair share of profits. Talk to your spouse to find out what they want. According to Business.com, you may be able to offer properties, separate assets, cash and stocks instead. You may want to consider seeking out the expertise of a legal and financial expert to strengthen your negotiating power. 

Divorces often become complicated when businesses are involved. Do not overlook the value of communicating with your spouse to minimize the issues you may encounter with your divorce and business.

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Gatlin Voelker,PLLC

Gatlin Voelker, PLLC
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