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Protecting Your Business During the Divorce Process

Illinois divorce lawyersDivorce is not something that most people plan for, but it is a process that thousands of couples go through each year. Emotionally and financially complex, it can be especially difficult for those who own a business. Learn how to protect yours with help from the following information.

When Divorce and Businesses Mix

Business owners must understand the risks that they face in divorce. Not only is there the potential for financial depletion, the company itself could be liquidated to settle the marital estate. Thankfully, some can be saved. It takes ingenuity, strategy, and decisiveness. It also requires you to seek assistance from those that are experienced in handling complex divorces.

Protecting Your Company

While prenuptial and postnuptial agreements are the most effective way to protect a business and its intellectual property, not all business owners have one. In their absence, other strategies must be used. For example, couples can use mediation and arbitration to work through a settlement that preserves the business and meets the needs and interests of all parties.

Accurate valuation of the business is also critical in the divorce process. You should be certain you maintain and provide clear and concise records, including those pertaining to income, debt, and expenditures. Provide all documentation to your attorney in a timely manner so they can plan your strategy appropriately and well in advance.

Examining Your Options

Some business owners may choose to liquidate their company, using the funds from it to settle their marital estate. Others may decide to “buy out” their spouse – or give up assets that are equal to that of the business to ensure they can preserve the company. Still others may attempt to run it together by defining new terms and roles. Each has its own potential benefits and disadvantages, but only you really know which option is right for you. A divorce lawyer can ensure you have the knowledge you need to make sound decisions about your business.

Contact Our Experienced McHenry County Divorce Lawyers

If you are planning for divorce, contact the Thomas Law Office for assistance. Dedicated and experienced, we will fight to protect your business, and your rights, every step of the way. Serving the greater McHenry County and DuPage County areas, our Illinois divorce lawyer offers personalized consultations to suit your needs. Call 847-426-7990 to schedule yours today.

Source:

https://www.theguardian.com/small-business-network/2017/jan/09/divorce-day-business-protected-spouse-marriage-breakdown

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