The Effects of Divorce on Your Business

Both parties are financially vulnerable if the marriage doesn't work out. This is why it is imperative to protect the business you worked hard to build prior to tying the knot.

2012-01-11

January 11, 2012 (Press-News.org) The Effects of Divorce on Your Business

Did you know the decision to marry could put your business at risk? We all know that marriage is about love and the prospects of a lifetime together. What some people don't realize is that marriage is also a business contract. Both parties are financially vulnerable if the marriage doesn't work out. This is why it is imperative to protect the business you worked hard to build prior to tying the knot.

Division of Assets

The state where the married couple resides dictates how assets are divided between them during a divorce. States can be either "community property" states or "equitable division" states. Arizona, Idaho, California, Louisiana, New Mexico, Nevada, Washington, Texas and Wisconsin are community property states; all of the others are equitable division states. Community property states require that all assets acquired during the marriage be split in half in the event of a divorce. In an equitable division state, factors such as earning power and the length of marriage are considered during the distribution of assets.

The Reality of Marriage

Chances are your business is your most valuable asset. While it is uncomfortable to plan for divorce before even saying "I do," it is time to get real. Some statistics claim that roughly 50 percent of marriages end in divorce. With odds like this it is risky business not to discuss finances with your spouse-to-be prior to the wedding. If left unprotected, you stand the risk of losing all or part of your business in a divorce.

How to Protect Your Business

Creating a prenuptial agreement is the easiest way to ensure that your business is protected. A prenuptial agreement declares which assets belong to which person in the event of a divorce, and each person enters into the marriage with the understanding that not all assets will become shared assets at the start of the marriage. When preparing a prenuptial agreement, be sure that:
-The agreement is in writing
-Both spouses hire their own attorneys
-Both spouses disclose all income, assets and liabilities
-The agreement is not signed under duress
-The agreement is prepared and signed well in advance of the wedding
-The agreement is fair to both spouses
-The agreement is updated regularly during the marriage to account for changes in circumstances

If you are considering marriage, contact a reputable family law attorney to discuss how to protect your business.

Article provided by Mullins Law Firm
Visit us at http://www.mullinslaw.net

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