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On businesses and divorce: complex and valuable problems

Many people get married, and many of them eventually face the prospect of a divorce. For some couples, it may only take a few months before they realize that their marriage isn't right. For others, they may live many happy years together before irreconcilable differences make the marriage untenable. No matter the specifics of any particular divorce, our point here is this: there are many different people with many different feeling and responsibilities who may get a divorce.

Depending on the specifics, you should be prepared for certain steps to be taken during your divorce. If we could hone in on one specific set of circumstances for this post, let us consider the business owner.

Whether you own a small business or a large, successful company, a divorce poses significant threats to your business. If you are getting married and you own a business, this is why a prenuptial agreement is so important. You can have provisions in your prenuptial agreement that provide protections for your business in case of a divorce. Without a prenup, there are still things you can do to protect your business in a divorce.

Make sure that you get a valuation of your company on your wedding date, and from there you should always keep immaculate financial records. You should also make sure you don't mix personal expenses with business expenses. And maybe most importantly: you shouldn't let your spouse work with the company.

When a business is involved in a divorce, there are delicate and complicated issues that need to be worked out. Prepare yourself for this matter and consult with an experienced family law attorney.

Source: Huffington Post, "Essential Steps To Divorce-Proof Your Business," Lisa Helfend Meyer, June 29, 2016

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