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Top Tips for Totally Divorce-Proofing Your Business
In the United States divorce rated for first time marriages is 41{4ba7523bce390306fb63243c835b3ca11950898281b0e35f8fb30c6486b2dc90}. When it comes to staying married, the gamble is 50/50. There are many things at stake when married couples go separate ways. Your business together with your partners is a major thing that’s at stake. Make sure you know how you can protect your business. Keep in mind that divorce can get messy. It is common to hear of one partner going for the others business when a marriage ends. You need to plan in advance. Read on to get tips on how you can divorce-proof your business.
You need to limit the involvement of your partner in your business. Make sure you seek legal advice before involving your partner in your business. Most couples get more success when they work as a team. You need to work with someone you trust. A trustworthy person will respect your business. Even when you divorce, they will respect their business as their own. Your partner needs to respect that the business is 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. Ensure you have a buy-sell agreement if you have partners and shareholders. It will give them a chance to purchase the company’s shares when you are divorcing.
Also, ensure you have a prenuptial agreement. This is the surest way of protecting your assets in case of divorce. The agreement acts a contract that ensures your assets are protected. When making a prenuptial agreement, you need to ensure you include your business as an asset. Make sure you have a lawyer when formulating the agreement. Prenuptial laws are different from state to state. A lawyer will ensure there are no loopholes in the agreement. Make sure you partner signs the agreement before a notary. This will ensure they never claim that they were coerced into signing.
Additionally, you need to invest part of your income into your household. Many business owners put their money back into the business. This can turn out to be complicated in case of divorce. It is advisable you put a fair share to your household. You need to also pay yourself.
Make sure you lawyer up when divorcing. Some couples with the help of a mediator will make divorce peaceful and fast. However, most couples are not able to work out their issues together. In such cases, you need a lawyer to help you with the court process. It is vital you protect your assets and business from divorce. Not hiring a lawyer will make the process hard. You need to choose a divorce lawyer with experience. 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.