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Businesses can be impacted by an owner’s divorce

| Jun 3, 2016 | Divorce |

You have worked hard to build your business and the last thing that you want is for a life event, such as a divorce, to tear down all of your hard work. When you are going through a divorce, it is possible that your business will be impacted by the proceedings if you don’t take steps to protect your business.

One of the best ways that you can protect your business is by having a prenuptial agreement signed prior to getting married. We know that a prenuptial agreement isn’t appropriate in all circumstances, such as if the business was established after the marriage. In those cases, a postnuptial agreement might be an appropriate way to protect the business.

If you didn’t have a prenup or postnup, you will likely have a challenging journey. You will have to have a valuation done to determine the value of your business. This can help you to discuss a buyout or settlement that would allow you to keep control of your business without having to worry about too much disruption in daily operations.

Having your business valuated and trying to come up with a buyout can be difficult. We can help you to determine how you can get a settlement worked out so that you can avoid having to sell the business. This might include making regular payments to your ex until the buyout amount is reached.

In many cases, you will have other assets that are also part of the divorce. We can help you to look into the overall division of property so that you are starting your new life out with the best settlement possible.

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