3 Ways You Can “Divorce-Proof” Your Business
Your business may be your life’s work as well as your biggest asset — and it can also be considered marital property during a divorce. The steps that you take before and after divorce can significantly impact the outcome and the future of your business going forward. Here’s what you need to know to protect yourself.
Keep Accurate Records
One way that your spouse may try to gain access to your business is by looking for areas that can cast doubt on the value of the business or its operation. If there are missing records or careless errors in your business records, your spouse could find them and use them to his/her advantage. Having ownership documents, accounting statements, sales agreements and any valuation documents that are available to you are critical to your case. If there are questions that might arise, putting your paperwork together now can help you determine how to address them before they become a serious issue.
Carefully Value Your Business Using the Appropriate Experts
Because your interest in the business is a marital asset, the value of the company is an important detail. It’s essential to determine a realistic value of your business and gather the evidence to back up your determination. For example, an experienced accountant can help you determine the worth of your business. The evidence you collect can be vital to your defense in getting the result you deserve.
Know Your Absolutes
Business owners often prioritize keeping control of their business during and after a divorce. It’s reasonable to want to continue to own and operate the company after the divorce is complete, but it might require forgoing other assets. For example, you may agree to trade equity in the marital home or alimony payments in exchange for keeping the business. Knowing what your absolutes are and where you have more flexibility can help you keep the things that matter to you the most.
Attorneys For Business Assets in Divorce
Do you have business assets that could be in jeopardy due to divorce? We invite you to contact us to see why so many people put their faith in the attorneys at Troum Law Firm. We’ll help you prepare the evidence that you need to protect your business. Contact us today at 321-428-2247 to discuss your options.