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How to safeguard your business in the event of a divorce

On Behalf of | Jul 8, 2016 | Family Law |

A divorce is complicated on many levels. This is particularly true if you are a business owner. Since you need to take into consideration the best interests of your business, it’s a must that you make the right decisions at the right time.

If you signed a prenuptial agreement, you may be in a much better place. If you didn’t do this, however, it doesn’t mean you are out of luck if a divorce comes about in the future.

Here are a few things you can do now to safeguard your business in the event of a divorce:

— Know the value of your business at the time you are married.

— Never mix personal and business finances.

— Keep comprehensive financial records.

— Never borrow money from your personal accounts in order to pay for business expenses.

— Pay yourself a salary based on what others in your position are earning.

Along with the above, here’s one last thing to remember: in divorce, you may need to sacrifice other assets, such as homes and other property, in order to keep full control of the business.

Are you a business owner? Are you going through the divorce process? If so, you are going to have many questions and concerns along the way.

We know that you are faced with a variety of challenges, and are here to give you the guidance you need. You can take the first step in improving your situation and putting this in the past soon enough by visiting our webpages on divorce and family law.