Divorce is a very real thing for many families throughout Colorado. It could even happen to you and your partner if you are a business owner, requiring you to make even more decisions. It is important to protect your business during a divorce, which is where a family law attorney can help. The following covers how you can protect your business before, during and after divorce.
Financial impacts on your business are the most obvious, especially if your partner has a claim in the business. The court must also determine the ownership of the marital property in order to divide the business in a fair manner. Your ex-partner may still be a stakeholder in your business, meaning that you have to work together to decide how the day-to-day operations will go on after the divorce.
Steps to take
A lawyer who specializes in family law can assist you greatly in protecting your business. There are other steps that you can take from the very beginning of your business to ensure its protection. Business protection can come from:
- Prenup and postnup agreements
- Separate financial accounts
- A business trust
- Business insurance
No business protections?
There could be a chance that you did not follow the precautionary steps. Thankfully, there are still ways to save your business (or at least its assets) under family law. You could:
- Sell your entire business
- Sell part of your business
- Pay the settlement in some type of arrangement
- Give up another asset in exchange for the business
While there are many decisions to make after a divorce, including business decisions, a lawyer who specializes in family law could help you keep your business safe in spite of a divorce. Even if you are not considering divorce right now, it is important to put protections in case the inconceivable were to happen.