Divorce can not only alter your personal life, but it can shake up your business or career. If you and a spouse own a business together, it could be disastrous for you if you decide to get divorced. If all your finances are tied up in the business, selling it could be the only answer when you split. Vayman & Teitelbaum, Attorneys at Law, can help anyone who is going through a divorce. The experienced professionals at Vayman & Teitelbaum can provide you with everything you need to know about division of property and can help you get what you deserve.
Business Worth More Today Than Yesterday
Often, couples who form a business together do so early on in their careers or marriage and spend a great deal of their time, energy, and resources to build their financial future together. At the start, the business may have showed little in the way of financial return. However, as the years pass, the business may grow and became more valuable. Now, with a much larger business, and a divorce looming, much more is at stake than was before.
If you started the business before marriage, a prenuptial agreement would have sorted out exactly how to split things in case of divorce. If you have already married, a family law attorney can advise you on a postnuptial agreement that could save your company.
Can You Buy a Spouse Out?
According to Marketwatch.com, while you are setting up a prenuptial agreement, it is a good idea to also set up a buy-sell agreement. A buyout contract allows for certain circumstances to be covered and limit effects on your business. These can include death, one partner wanting out or being forced out, or partners breaking up.
Place Your Assets in a Trust
A trust is one tool you can use to protect assets that you want to pass to children or grandchildren. Although your business can not be protected completely by a trust when you go through a divorce, the assets you want to pass on can be.
Can You Remain Business Partners?
Although divorces can be messy and extremely complicated, the easiest way to divorce-proof your business is to stay together as business partners. By doing this, there is a chance you can raise capital to buy out your ex and take full control of the company. There is also a chance you can take out a loan to buy out your spouse. If that is not an option, adding another business partner to the mix may be what is needed to purchase the ex-spouse's part of the business.
If you are planning to get divorced and you co-own a company, it can get messy, depending on how many business partners are in the mix. Couples and business partners do not always mix, so finding a way to purchase an ex’s stake may be the best solution to continue building your pride and joy.
Vayman & Teitelbaum Can Help
The law firm of Vayman & Teitelbaum can provide you with legal guidance when it comes to family law. With four locations in Georgia, Vayman & Teitelbaum, Attorneys at Law, is available to give you insight into divorce and division of property. Visit our dedicated division of property page to see how we can help you. If you have any questions, contact us and let our experienced attorneys in family law go to work for you.