As a small business owner, a divorce is probably one of the last things you wanted to have to deal with. You want to protect your business in divorce, but you know that having the business during your marriage means that your spouse is likely able to seek a portion of your business even if they weren’t involved.
Around 40 to 50 percent of marriages in the United States end in divorce. It is no secret that they have a major impact on businesses across the country. Not knowing what kind of settlement you will have or how long your divorce will take can make it difficult for you to continue running your business actively. For some, meetings and negotiations for the divorce take precedence over the meetings in negotiations needed to keep the business running.
If you have a small business and have not yet decided to divorce, don’t take the risk. You need to protect your small business before you initiate or even consider initiating a divorce. It is possible to talk to your spouse about a prenuptial agreement or postnuptial agreement, or you may be able to come up with some other arrangement so that you know your business is protected in the case of a divorce.
Even though this conversation might be awkward, it is a good idea to talk about ways to protect the business and then to get your attorney to draw up the legal documents to do so. It makes it easier if you ever do decide that your marriage needs to come to an end.
