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Are you a business owner? Consider the ramifications of divorce

In our last post, we talked about a complicated divorce scenario: when military members file for divorce. There are a lot of intricate processes and details that need to be covered when military members file for divorce, and there are also logistical hurdles that need to be cleared in order for the divorce to be processed and completed properly.

Today, let's talk about another complicated matter: business owners going through a divorce.

Considering the value of a business, a divorce can be an even bigger deal for a business owner than for a non-business owner. Depending on the circumstances of the case, the business owner's spouse may have a legitimate claim to part of the business and/or its assets. So it is imperative that a business owner takes preemptive action well before a divorce is even on the table. In other words, you should protect your business with a prenuptial agreement.

But sometimes people choose to not use a prenup. In such a case, a business owner needs to take numerous steps to protect his or her business:

  • Get a proper valuation of your company on or near your wedding date.
  • Do not allow your spouse to work within the company.
  • Keep detailed and accurate financial records.
  • Avoid mixing your personal and business expenses.

There are a lot of legal steps to any divorce, but the process becomes more complicated and consequential when a business is involved. If you are in need of legal help, consult with an experienced family law attorney.

Source: Huffington Post, "Essential Steps To Divorce-Proof Your Business," Lisa Helfend Meyer, June 29, 2016

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