Ordway Law Group, LLC
Ordway Law Group, LLC
Divorce & Family Law

3 things to consider before you go through a business divorce

| Dec 31, 2018 | Business Divorce |

A divorce has the potential to significantly affect your business. However, there are ways to help yourself and to protect your business.

There are a few different things that anyone with a business should do before going through a divorce. Here are a few tips to help you as you decide on the steps you want to take next.

1. Talk to your attorney first

Before you ever consider bringing up a divorce with your spouse, you should get in touch with your attorney. Your attorney can help you plan for divorce, so you have all the documents and evidence you need before you approach your spouse with the request.

2. Get to know your separate property

If your spouse had nothing to do with your business, there is a possibility that they will not be entitled to your business due to it being a kind of separate property. If you have not mingled your business funds with your marital accounts, don’t make the mistake of doing so. While income you receive from the business during your marriage might become marital property, the last thing you want is for the actual business to be something that can be split upon divorce.

3. Talk to your spouse

Finally, talk to your spouse about the business and your interest in maintaining it. They may have no interest in continuing with it or be willing to let you buy them out.

These are some tips for people with businesses who are entering into divorce. Remember, doing your research could help you keep your business afloat.

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