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How can I protect my business from divorce?

If you own a business and are thinking about filing for divorce in Lee County, you might want to come up with a plan first. You might believe your personal life is not going to have an impact on your company. However, you do not want to leave your business vulnerable. Divorce involves the split of marital property. You might have started your company before you married your partner, but there are considerations that might make some or all your business assets marital property. 

Your divorce could cost you your business if you are not careful. Take some time to consider the following tactics to protect your company from the fallout of divorce.

Determine if your business assets are marital or separate property 

Gather up financial documents for your company. If your business existed before marriage, you must prove that your spouse did not make any contributions to maintain and support it while you were together. Those contributions do not necessarily have to be financial. For example, if your spouse is a partner, they have a stake in your company. 

Refer to the prenuptial or post-nuptial contract 

If you and your soon-to-be ex-spouse signed a prenuptial or post-nuptial agreement before or during the marriage, it should contain instructions on how to split all marital property, including business assets, states FindLaw. 

See if your partner is willing to negotiate 

Stay calm and maintain a good relationship with your partner. Sit down and talk with them to learn if there are other marital assets they might want to receive in exchange for their share of business assets. 

You do not necessarily have to lose your business in your divorce. For help shielding your company from the divorce process, you might find it beneficial to work with an attorney.

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