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

Your business could be at risk during your divorce

| Feb 23, 2019 | Business Divorce |

You ran your business alone while you were married, but now that you’re going through a divorce, you’re worried that your spouse will try to reap the benefits of what you sowed. Of course, in the past, you never believed that your spouse would try to take what you worked so hard for, but with the animosity they’ve shown you recently, you’re scared that they’ll do anything they can to ruin you.

You’re in a precarious position and need to think carefully about the steps you take next. Your business may not be protected if you mixed your assets in with your spouse’s or purchased items with money from shared accounts. Additionally, if you don’t have any pre or postnuptial agreement, there’s little to protect the business that you designed.

How can you protect the business you’ve built from your spouse during a divorce?

It may not be easy, especially if your spouse feels they’re entitled to a portion of your business. However, Georgia’s laws allow for equitable distribution, which means that your assets won’t necessarily be split evenly, even if you go to court. A judge who looks at your business and what you’ve created may be more likely to grant you what you need to continue running your business and opting to assign other assets to your spouse, but there is no guarantee.

That’s why it’s important for you both to negotiate outside court. Discuss the importance of keeping your business, and be prepared to let go of other assets that will replace the money or compensation that could have come from taking a portion of your business.

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