How to Protect Your Assets in a Divorce.
When you promise till death do us part at the altar you mean that in most cases but some circumstances might cause you to break the promise. In the event that your marriage has ended, do not beat yourself up because chances are you are not the only one in the world who has decided to call it quits. People are no longer sticking around when they feel marriage is not working for them now and they simply move on. You need to think about your assets when the marriage is on the death bed and not what everyone thinks about your divorce life. The last thing you want is to give everything you have in establishing your business and have someone take it away from you. A lot of people do not stop to think about asset protection when they are in love and that is why they are caught off guard in matters to do with asset allocation in times of divorce. You need to review the premarital agreement you made. If you did not make one, there are other options. The agreement is very crucial though in cases where you started the businesses before you got married. It is proof that your partner did not contribute in any in the growth of the business.
There are those who will put aside starting the business until they marry and in such cases you still need to be protected. You ought to have a postnup drawn in such cases and it serves the same functions a prenup does. However, judges are not always enthusiastic about postnups compared to prenups. You need to demonstrate that your partner was aware of the postnup agreement early in the marriage. Be keen on the contributions the other person is making in helping you grow the business. It will not be that easy for you to determine what is a non-significant or a significant contribution in some cases. Start by checking whether your partner gave you any money in growing your business. If the amount of money offered was high then this is not good news for you. Also, note that money will not be the only thing to be considered as a contribution. Ideas which might have been shared will also be a big deal.
If the company you started has employed your partner then you should be prepared for some battle. It doesn’t make sense to say that your partner made no contributions to your business if they are working alongside you. You need to fire your partner before the matter goes to court.
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