Splitting up your property can quickly become a pitched battle during a divorce. The more valuable that certain assets are, the more likely you and your spouse are to fight over them.
If you own your own business or have a professional practice, you probably expect to continue owning that business after the divorce. After all, your company is how you support yourself and your family. However, if you started the company during your marriage or invested marital assets in it, your spouse could potentially try to claim some of its value or an ownership interest in it when you divorce.
There are many ways that you could potentially protect your business in a divorce, but there is one strategy that gives you the power to set terms that actually work for you.
A postnuptial agreement can make divorce easier
If you didn’t have a prenuptial agreement in place when you got married, that doesn’t mean your only choice when divorcing is to throw yourself on the mercy of the courts. You have the option of filing an uncontested divorce where you set your own terms.
Setting those terms can be a difficult process, which is where postnuptial agreements come in to play. You and your spouse can sit down together to decide now what would be fair and appropriate if you do end up divorcing.
If you establish early on that keeping the business is an inflexible requirement for you, you can likely negotiate with your spouse until you find terms that they are happy to accept as well. Once you reach an agreement, both of you can sign a legal contract that will that make going to divorce court a mere formality in terms of splitting up your property.
Addressing your business in a divorce and drafting a postnuptial agreement often require both help and planning, so the sooner talk with an experienced family law attorney, the better your chances of securing the outcome you want will be.