A divorce is the last thing any married couple thinks they’ll have to go through — until they do. And while divorce is never easy, it can be especially difficult for men and women who own their own business and are concerned about losing what they’ve worked so hard to build.
Family law is complicated, but when you add in complex assets, the road to divorce becomes that much more difficult.
Divorce as a Small Business Owner
Business owners pour years of their life and tens of thousands of dollars into their dream. If your business is included in your divorce settlement, it can make it hard to keep the doors open and dedicate the necessary time to running your business.
Even if you haven’t officially filed for divorce and are just considering the idea, below are a few things every business owner should know.
Understand if Your Business Will Be Affected
When it comes to determining if your business will be included in your divorce proceedings, a few things will be taken into consideration, such as when the business was founded, your spouse’s involvement and payments from the business (if any), and any shareholder agreements currently in place.
Consider a Postnuptial if You Were Recently Married
If you owned or ran your business before meeting your partner, ideally, you should have had it included in a prenuptial agreement. If it wasn’t protected before your marriage took place, your spouse may have a legal claim to part of the business and/or its profits. Fortunately, you may have the option to include your business in a postnuptial (postnup) agreement.
Contact a Lawyer Right Away
No matter your situation, hiring a lawyer who specializes in family law and high-value assets will increase your chances of having a favorable outcome. A lawyer can also significantly reduce the stress of managing your business while trying to protect it.
At our Seattle family law firm, we believe in high-quality counsel that comes at reasonable rates. Everyone deserves exemplary legal care, and that is what you will find at Wakefield Legal, PLLC. Help is always just a call away! Request your case evaluation online or call (206) 966-6933.