If you have a business, it is undoubtedly important to you and you will want to do everything you can to protect it from a divorce. Of course, one of the best ways to protect a business is to create a prenuptial agreement with your future spouse. However, if you do not have one and you are already in the process of getting divorced, there are other steps you can take to protect your business.
Protecting Your Business from Divorce
Divorce can create a great deal of stress for those involved and the process can become even more difficult if you have a business. You may be tempted to agree on a solution to avoid conflict, but it is important to challenge the valuation of your business. Accurate valuation plays an essential role in protecting your business, which is why you should have a neutral third-party organization double-check the valuation given by the court.
Here are some other tips you should consider to protect your business:
- Buy out your ex’s share of the business. If you do not have enough money to buy your ex out, there are ways for you to raise the funds. For example, you can sell ownership stakes to your employees through stock ownership. The money can be used to buy out your ex’s share while you either wait for a loan or wait for the business’s cash flow to stabilize.
- You can trade other assets of equal value to pay off your ex’s share in the divorce. Investments, antiques, or other valuables can all be forfeited in exchange for your ex’s share of the business.
- If you believe your business should be treated as separate property, you must prove that it was never financed with marital funds, which can be a major challenge and requires the assistance of an experienced divorce attorney.
Call Our Law Office to Begin Protecting Your Business Today!
If you have a business and are ending your marriage, the family law team at Ford & Friedman can provide the experienced representation you need to protect your business during the divorce process. We understand how important your business is to you and will do what is necessary to ensure it remains effectively safeguarded.
Reach out to our law office today at (702) 904-9898 to set up an initial case evaluation with a member of our team to find out how we can help you.