3 Tips for Business Owners Contemplating Divorce
Every person facing divorce feels anxiety regarding money and assets. The divorce process can be especially worrisome – and complicated – for individuals who are also business owners. To help you get through the divorce process without sacrificing your business interests, the Washington divorce lawyers at McKinley Irvin have provided the following insight:
1. If You Own a Business, Get a Postnuptial Agreement
Like a prenuptial agreement, a postnuptial agreement can protect assets in the event of a divorce. Since a business is considered an asset, you can protect the success and livelihood of your business by obtaining a postnuptial agreement that defines how your business assets will be divided should you divorce. A postnuptial agreement contains “post” in the name, because unlike a prenuptial agreement, it is filed after a marriage becomes legally solidified. This document can determine how a couple will divide properties, money, and other assets if a breakup of the marriage occurs. Postnuptial agreements may not be effective if they are created shortly before someone in the marriage files for divorce.
Of course, a prenuptial agreement is preferable if you have not yet married.
2. Don’t Agree to Split the Business in Half
During a divorce process, many people become frustrated and anxious to complete the process so they can move on. As a result, many divorcing business owners will make mistakes that not only jeopardize their businesses, but their futures as well. A common mistake business owners make is deciding to split a business down the middle. It is not very common for divorced spouses to successfully run a business together. Instead, consider other ways to split assets without dividing businesses in half.
3. Consult an Experienced Divorce Attorney Right Away
Every person contemplating or going through a divorce needs skilled and seasoned representation. A knowledgeable family lawyer can help you determine the value of a business, decide how the business should be divided, and can fight to help your business remain successful during and after the divorce process. Additionally, the right divorce lawyer can help make the process as smooth as possible by helping you understand the complex process of dividing business assets.
Our Washington Divorce Attorneys are Experienced in Complex Property Division
At McKinley Irvin, our Washington family lawyers are equipped with the necessary skills and years of experience to help you navigate your divorce. We understand that divorce can be emotionally taxing, mentally fatiguing, and physically draining. We are here to stand by you from beginning to end. We encourage you to reach out and get in contact with our firm as soon as possible to avoid any miscalculations or errors during the divorce process.
If you are a business owner facing divorce, contact us to speak with a Washington Divorce attorney at McKinley Irvin.