The division of assets can be one of the toughest parts of any divorce, but things can get especially complex and stressful when you have a business that you do not want divided up. There are some ways to protect a business during a high net worth divorce though. You just need to plan ahead and be ready to follow the advice of a Tazewell County divorce with a business lawyer.
Can a Prenup Protect My Business in a High Net Worth Divorce?
A prenuptial agreement is one way to protect your business. If you and your spouse signed an agreement concerning your business before marriage and this agreement is enforceable legally, then you should be able to protect your business and its assets from the property division process. However, if there is an issue with your prenup that renders it unenforceable, then you may run into issues. This is why it’s important to ensure that a lawyer helps you draft agreements like this.
A postnuptial agreement can also be used to address what happens to a business in a high net worth divorce. Such an agreement can be drafted at any time after you have been married. We can help you write a postnup that meets the state’s legal standards and requirements.
Should I Put Business Assets in a Trust?
An asset protection trust could be used to safeguard business assets, but you have to be careful about how this arrangement is made and when it is made. You want to plan this out far in advance to avoid any allegations of fraudulent transfers or other improprieties.
What If My Spouse Was Involved in My Business?
This is when matters can get complicated. If your spouse helped you run your business, they can certainly try to make a claim to part of it. They may even be able to say that they contributed to the growth of your business if they weren’t involved in its day-to-day operations. A good example of this would be a spouse who took care of the children and homemaking responsibilities, freeing you up to focus on growing your company.
Do I Have to Go to Court For a High Net Worth Divorce?
Litigation can be expensive and time-consuming, but there might be other options available to you. If you and your spouse can put differences aside and work together to come to a divorce agreement, you may be able to make progress in mediation sessions or a collaborative divorce. Our lawyers can also tell you about the arbitration process. There’s no harm in exploring other options before going to court.
Contact Our Law Firm
When you are ready to learn more about how a lawyer can protect your interests in a high net worth divorce, contact Butler, Giraudo & Meister, P.C. and schedule a consultation. Every divorce is different, but our lawyers can tell you how they can help you with your specific situation and fight for a fair agreement.
