When you’ve put your time, energy, and money into building and making a business successful, you’re probably wondering how to protect this valuable asset during a divorce. Understandably, there is a lot on the line during property division, as a successful enterprise can provide an individual with long-term financial security and provide an investment for your family for the future. If you’re a business owner considering a divorce, please don’t hesitate to contact an adept Ocean County Property Division Attorney who can help you protect your hard-earned assets. Please continue reading to learn how to protect your business assets during a divorce.
What are some of the best ways to protect my business during a divorce?
If you’re a business owner and divorce is imminent, it’s vital to take the necessary steps to safeguard the enterprise you’ve put your blood, sweat, and tears into developing. Fortunately, there are numerous ways that you can protect your business from the potential consequences of a divorce.
Firstly, while no one enters a marriage thinking that it will end one day, it’s vital to take the necessary steps to safeguard your hard-earned assets for the future with a prenuptial or postnuptial agreement. If you’re a business owner, your enterprise could provide long-term financial stability, which makes it an extremely valuable asset during a divorce. If you started the business prior to your marriage, you should establish one of these legal contracts. These legally binding agreements dictate how certain assets will be divided in the event of a divorce. This means you can predetermine what happens to your business assets. You will have the ability to specify that your business assets are separate property and, therefore, are not subject to equitable distribution. These legal contracts can also help you negotiate favorable terms, such as you received the business in exchange for your former spouse retaining the primary residence.
If you and your spouse own a business together or your business has multiple owners, you should consider establishing a buy-sell agreement. A buy-sell agreement allows an entrepreneur to stipulate how business ownership would settle in a divorce. Essentially, it sets out how a partner’s shares will be obtained by the remaining partners in the event of the dissolution of marriage. If your spouse retains ownership over the business, this agreement can prevent them from selling their interests to an outsider without the consent of the other owners. Therefore, you would be able to buy your spouse out of their ownership shares.
As you can see, there are various ways that you can protect your business assets in a divorce. However, the most significant way to ensure your business assets are safeguarded during a divorce is by retaining the legal services of a determined attorney from the Law Office of Sarina Gianna, LLC, who can help fight for your entitled share of the marital estate.