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How do you protect your business from divorce?

How do you protect your business from divorce?

If you own a business (or are about to start one), you need to think about the possibility of divorce and how that could damage your enterprise. There are ways to protect your company — but the sooner you act the better.

If you’re nowhere near a divorce right now

If you’re happily married or not married at all, you still need to divorce-proof your business as much as possible. You can do that through several different means, depending on your situation:

  • Get a prenuptial agreement — Before you tie the knot with someone, insist on a prenuptial agreement that protects your business. If your intended spouse balks, you can consider an agreement that phases out over time or offer something else that will make the agreement more acceptable.
  • Get a postnuptial agreement — If you’re already married when you start your business, a postnuptial agreement can function the same as a prenup — and be just as effective. Just make sure that it’s reasonable and fair. A family law attorney can help you make sure that any agreement is enforceable.
  • Create a buy-sell agreement — If you’re going into business with your spouse, a buy-sell agreement can set the terms for what happens if you do split up. It can give the more active spouse the right to buy out the less-active spouse’s share, limit who your spouse can sell to and so on.

If you’re already on the cusp of a divorce

If you think a divorce is coming, you need a different strategy:

  • Get a fair valuation of your business — That way you have a strong point from which you can negotiate with your spouse.
  • Be willing to sacrifice something else — If you play your cards right, you can probably keep your entire business if you’re willing to give up something of equal value. Come to the negotiating table with that in mind and consider handing over the family home, collectibles or retirement accounts if you want to retain the business.

Hopefully, you’ll never have to weather this particular storm. If a divorce does happen, however, you’ll handle it better if you know your business is protected.

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Ms. Marvel has assisted me regarding child support issues for the last 3 years. She is very knowledgeable in child support issues in Texas and also across state lines such as California. She came highly recommended to me by a fellow attorney, the highest compliment she can receive in my opinion. She is professional, responsive and gets the job done. Her staff is very helpful, returns calls and Karen and her staff are responsive to issues that arise. I highly recommend Karen Marvel to anyone seeking a family law attorney in Texas.
Karen Marvel is an excellent family lawyer, who presented at a legal conference I attended. I learned valuable information and tools from her that I now use to help my own clients. After the conference, I’ve called on her a few times when I needed her expertise in child support matters, and she was always willing to help. She is extremely well-respected in our legal community, and I highly recommend her services.
I recently hired Megan to represent me in my divorce. She was very easy to work with, responsive, and efficient. I was extremely impressed with her timeliness and was overall very pleased with her work. I would recommend her if looking for a divorce attorney…
I was very pleased with Megan’s performance in court. She has been a blessing in our lives and single handedly changed our lives for the better . It was a very difficult case on my end and was brilliant with negotiations with OAG. I will always be grateful to Megan and wish the best of luck in future cases…
When I needed a lawyer I asked my coworkers for their recommendations. Three of my coworkers recommended Brandon Wong and they were very satisfied with his services. I contacted Brandon and he handled my divorce in a timely and efficient manner…
I have felt so important to Brandon since the day we first met. I had a million questions and worries, Brandon made me feel informed of all possibilities and confident in him.
Meeting you and having your professional and emotional help during the process of my divorce has definitely been invaluable. In the professional aspect, you are not only a brilliant attorney but you are reasonable, just, and fair. During the process of my divorce I found myself completely…
Brandon represented me in a child custody matter. He is professional, educated, informative and provided his services in an economical manner. He worked to obtain a settlement outside of the courtroom. When the case required a visit to court, his experience guided me through smoothly and ultimately delivered the decision in my favor…
Please don’t hesitate to hire Brandon Wong. He genuinely cares about his clients. He protects his clients, he returns calls and e-mails, which is critical when you are in a situation where you need an attorney…
I would recommend Mr. Wong for his professional services. He was very attentive to my case, returning phone calls and emails before the end of every business day…
Brandon handled my divorce in a first class manner. He was always available to talk when I had questions or needed advice. He was a relentless lawyer and ensured that the settlement was fair and just…
I highly recommend Mr. Wong if you are looking for an honest and hardworking attorney who is more interested in properly representing his clients than making a quick dollar…
We received excellent legal help from Brandon Wong. Our family had a custody issue that had us spinning our wheels for a year due to the complexity. Brandon handled our case quickly and with heart. We felt genuinely cared for during the entire process and will continue to recommend him to anyone who needs legal help…
Brandon handled my divorce and made it easier than I could have imagined. He took care of everything, totally minimized the stress on me, and was extremely professional while remaining very approachable and compassionate…
Hired Mr. Wong to represent me on a child-support arrears enforcement case. Dad was ordered to pay child-support in 1991, and up until my daughter turned 18 years of age…

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