Wednesday, August 17, 2011

Divorce-Proofing A Business

From Entrepreneur:

For those whose marriage is in trouble or who are about to begin a divorce, a few strategies can help preserve a business. Once the divorce proceedings start, entrepreneurs won't likely be able to implement some other legal maneuvers that, if accomplished in happier times, could keep their business from landing in a soon-to-be ex's possession. 

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Is your marriage headed toward a breakup? Here are seven strategies to consider if a divorce is threatened or already underway and your company is considered a joint asset.

Read more here.

MR

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Comments

Thank you for a very helpful article. I often get this question from a spouse facing divorce, when it is too late to do anything except let the court decide how to allocate the business assets between the parties. Business partners often fail to consider the potential for future changes and disputes, such as death, divorce, disability, etc., and fail to create a buy-sell agreement. Not only can a buy-sell agreement deal with the event of a divorce, it can also avoid having to go through a judicial dissolution procedure in the event of a dispute between business partners.

Power of Attorney

Posted by: Dana Atman, Esq. | Aug 17, 2011 7:48:52 PM

Probably the quickest and easiest way to divorce proof a business is to have your spouse sign a pre-nup.

Posted by: Tulsa Divorce Attorneys | Aug 17, 2011 8:38:18 PM

Divorce CAN be especially hard on successful entrepreneurs becuase their small business is considered a joint marital asset.

Posted by: Oklahoma City Divorce Attorneys | Aug 19, 2011 7:46:03 PM

The obvious solution is to sign a prenup, I think. Still, there's a lot of good advice in that article.

Posted by: JDU | Aug 29, 2011 11:08:53 AM

Prenup! Prenup! Prenup! - great article btw.

Posted by: Divorce Lawyer Oklahoma City | Sep 19, 2011 7:30:53 PM

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