Everyone has heard about the high percentage of marriages ending up in divorce but only a few people will actually protect their assets during this unfortunate episode in their lives. With such alarming statistics, it’s important your business is sheltered under a good legal umbrella. Better safe than sorry. There may be some things you are doing which put your business at risk. People tend to change and your lovely companion may not act as lovely in the coming years. Depending on your circumstances, you may need the assistance of an experienced Westlake Village divorce attorney to handle all the aspects of your divorce, including asset division.
Your most valuable financial asset
Your greatest asset is definitely your earning ability. Even if you lose everything, if you are still earning, your finances will eventually stabilize. Your business multiplies your earning ability. It’s an investment and a valuable financial asset. Whatever you do, don’t lose it. Make sacrifices and protect it at all costs. When you feel like quitting, think about the countless hours you invested in making it grow.
How you can protect your business?
Let’s begin with a prenuptial agreement. A prenuptial agreement is basically a contract just like the marriage. Everybody is conscious of what they get in case a divorce occurs. As cold as it might sound, it’ll help you avoid you a lot of unnecessary headaches and harsh legal battles along the road. You will know what’s expected from you and your partner. It can be a very powerful thing as prenuptial agreements can even override State laws. The courts will show due respect to such contracts. In other words, your business will be safe and fully protected.
Think twice before employing your spouse. Why is that? Your business is considered marital property and if you employed your spouse or if your spouse helped run the company, chances are he or she will take home a high percentage of your business. In other words, you have been filling someone else’s pockets all these years. Some people are simply ungrateful and no matter how much you give them, they will keep coming back for more. It’s a fact.
Live a little. If you work hard, why do you invest it all in your business? Here is the thing, if you don’t pay yourself a good salary, your ex-spouse will eventually claim he or she is entitled to more than you are. Really? Yes, all your money went into the business and your ex’s went to the household so in everyone’s eyes he or she didn’t receive any benefits.
Plan ahead of time
You can do many things to protect your business after a divorce. But don’t wait after the divorce to prepare yourself. Think ahead of time how such chapter in your life will affect your finances and plan accordingly. Contact a Westlake Village divorce attorney to help you handle all the legalities involved.