How do you protect your business during a divorce?

On Behalf of | Mar 30, 2021 | property division | 0 comments

If you are a Kentucky business owner and are also seeing your marriage come to an end, you’ll need to take the necessary steps to protect your company because it could be considered marital property. If your estranged spouse is also a part-owner or is otherwise involved in the management and operations of your venture, this could result in a sticky situation that will need to be addressed, unless you feel that the two of you can continue to work together after the divorce is finalized. That is not always a realistic assumption, however.

Some ways that a business can be divorce-proofed

You should take the necessary steps to minimize your spouse’s continued involvement with your business because it will be considered marital property when it comes to property division. You may want to think about what other assets you can relinquish so that you can maintain full control of the company. Assuming that you never had a prenuptial agreement, or if you did but it did not address this issue, you may want to consider preparing a post-marital agreement with the assistance of your divorce attorney.

Who can you contact for legal assistance?

Contact a family law attorney as soon as is reasonably possible so that you can discuss your situation and learn more about how a divorce can have an impact on a business that you own. There are other legal issues that might affect your situation, such as the need to pay alimony or, should you be a parent, the determination of custody and visitation arrangements.

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