• ABOUT ME
    • PRIVACY & COOKIE POLICY
  • J9 DESIGNS
  • PUBLISHED HERE
  • SPONSORS & REVIEWS
  • SHOP
  • Nav Social Menu

    • Bloglovin
    • Email
    • Facebook
    • Instagram
    • Pinterest
    • Twitter
    • YouTube

This Mom's Confessions

  • COUPONS & OFFERS
  • CRAFTS
  • DISNEY
  • LIFESTYLE
    • GOODREADS
    • BEAUTY
    • FASHION
  • PARENTING
  • PETS
  • RECIPES
    • Appetizers
    • Breakfast Recipes
    • Cookies
    • Desserts
    • Dinner Recipes
    • Drink Recipes
    • Holiday Recipes
    • Ice Cream Recipes
    • Kid Friendly Recipes
    • Lunch Recipes

By Janine

Why You Should Hire a Family Attorney in Divorce When You Own a Business

Filed Under: Married Life Tagged With: Divorce tips

If you are going to divorce your partner and own a business, things can easily get complicated. Therefore, it’s a good idea to prepare well for your divorce and protect your business at the same time. 

After all, you may have spent a lot of money and time to make your business successful, so you don’t want to have your ex as a business partner. There are various ways divorce can affect the ownership of a business. This page discusses why you should hire a family attorney in divorce when you own a business.

Family Attorney Divorce Tips

How divorce can affect your business

You can be in a bad situation if you decide to divorce when you own a business. There is a good chance that you can be in a business partnership with your ex-spouse. In some states, there is community property law that requires you to give up half of your business to the ex-spouse. Other states have what is called equitable distribution which simply means fair distribution.

Regardless of the scenario, you don’t want any of these to happen to you in a divorce, so you need to take some measures to protect your business. One such measure is to hire the services of a divorce lawyer Barrington. You should remember that letting go of half of your business can mean that some of your other assets can be given to your ex-spouse. A good example is when you have assets, such as a car, house, stocks, and many more.

Rather than giving your ex-spouse half of the business, the marital assets can be shared to make sure that you have your business while your ex-spouse can get an additional share of the marital assets.

Alternatively, you can choose the liquidation of the business so that you can share the proceeds with your ex-spouse. However, many courts don’t like to do this, especially if you were depending on the business to pay family bills. 

Protecting your business

There are several ways you can protect yourself in advance so that your business is not affected by your divorce. For example, you can get a prenuptial agreement. A prenup may not guarantee to save your business, but there is a good chance that it can.  

You can designate any businesses that are already operating or future businesses as separate property. There should be full disclosure to your partner, and the agreement needs to be in writing and signed before a notary or witnesses. Signing the agreement also needs to be voluntary and it should not be done just a couple of days before the wedding.

Another good way you can protect your business is to get a buy-sell agreement. It’s worth noting that a buy-sell agreement can protect your business from specific situations, such as when the business is sold or your spouse dies. And, it can also protect you when you are facing a divorce. You need to find a lawyer with experience in contract and business law to help you write this type of agreement.

Related Posts

  • 10 Essential Self-Care Tips for Moms Going Through a Divorce10 Essential Self-Care Tips for Moms Going Through a Divorce
  • How to Handle a Breakup When Kids Are InvolvedHow to Handle a Breakup When Kids Are Involved
  • The 5 Best Apps To Help You Through Divorce in 2022The 5 Best Apps To Help You Through Divorce in 2022
  • Dating After Divorce: 3 Things to Consider Before Your Next Big RelationshipDating After Divorce: 3 Things to Consider Before Your Next Big Relationship

Sharing is caring!

  • Share
  • Tweet

About Janine

Janine is a published author of the books, The Mother of All Meltdowns and Only Trollops Shave Above the Knee. She has been featured on The Huffington Post, Mamapedia, Today Parenting Team and SheKnows. She also runs her own graphic design company at J9 Designs.

Primary Sidebar

Find Family-Friendly, Lifestyle, Recipes, DIY, Disney articles and more here.

Let’s Connect

  • Bloglovin
  • Email
  • Facebook
  • Instagram
  • Pinterest
  • Twitter
  • YouTube

Resources

My Homework Done offers the best writing help for students on any task.

My Paper Done service will make sure that your college grades will always stay on top.

Have you lost your job due to the COVID-19 Pandemic and need to cut back on your monthly bills? Get rid of that timeshare you never use with the help of Hawaii timeshare laws and Missouri timeshare laws

Footer

Confessions Belong To

I Am A Published Author!

Featured Confessions

Confessions Partners

baby clothes on DHgate.com

Copyright © 2022 Confessions of A Disney-aholic Mom | Designed by J9 Designs