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Divorce and Business
In addition to the personal and emotional stress and anxiety from divorce, business owners face an entirely separate set of concerns. If you own a business, whether by yourself or with your spouse or family, you might be worried about how to maintain ownership of your business. How will profits from the business be divided — both now and in the future? Who will maintain the day-to-day operations and involvement? Custody of a business can be as complex as custody of children.
Even when you rationally know and understand that divorce is common, hardly anyone is able to emotionally bring themselves to plan for it beforehand. If a business is involved, your divorce is likely to get even more complicated and painful, whether that business is run only by you or by you and your spouse.
When your business and professional life is at stake, you want a lawyer who will fight for you and your best interests, personally and professionally. Feel free to reach out to me for a personal consultation. We will find a time and place that will work best for you, and you won’t be disappointed.
Protecting your Business Pre-Divorce
Few people consider divorce as a possibility when they are thinking about structuring their business. There simply are so many other more immediate business concerns, or you don’t think you’ll ever get divorced. Unfortunately, though, the best ways to protect your interests often come long before you even consider divorce.
To protect your business in case of divorce, you could consider the following strategies:
- Designating your business as non-marital property through a postnuptial agreement, which means your business would not be subject to division of property during a divorce
- Limiting an ownership claim by your spouse by limiting their involvement in running the business
Rather than putting earnings back in the business, consider paying yourself a more competitive salary
- Options for your Business during Divorce
Of course, divorce is most often unplanned, so you may not have considered those strategies or taken other precautions. You may be worried about automatically having to give up ownership or continuing to share it with someone you don’t want to be tied with any longer. However, you don’t automatically have to give up your business, share profits, or share ownership going forward. There are many other options, including using other marital assets to buy out your spouse. An experienced, savvy lawyer who knows how to address complex negotiations can help you can figure out the best way to move forward. I work with people who are skilled at determining business values in order to help even the most complex disputes have a better outcome for you.
No lawyer can guarantee results. However, I promise my clients that I am dedicated, prepared and can give them hope and one hell of a fight!
If you own a business, you absolutely must have a divorce lawyer you can trust and be confident in their ability to fight for you and your business interests. Please call me at 573-303-3015 or email me for an individual, private consultation with no obligation or pressure. Even if you choose another lawyer, I am certain you will gain knowledge from our conversation and be able to determine the best path to move forward.