Top Attorneys Above Par 2009 | Super Lawyers

Trusted Lawyer in

South Jersey & Philadelphia

Photo of David T. Garnes

Trusted Lawyer in

South Jersey & Philadelphia

Divorce: How can your business survive it

On Behalf of | Oct 7, 2020 | Business Owner Divorce, Divorce

In a divorce, one of the most complex and stressful parts includes the separation of assets. Even if you’re on good terms with your ex-spouse, the fight for assets is often very messy as no one wants to get left with the scraps. One of the assets that get disrupted is your business. Even if you own 100% of it, you are still often asked to provide some part of it to your spouse. This can become a little more difficult if you live within states that don’t do the 50/50 division, such as New Jersey and Pennsylvania. The following includes a variety of ways to ensure that your business isn’t being disrupted too much during the process.

What is the financial impact on your business?

When it comes to the division of assets, one of the things you are going to want to ask is just how much of your business is at stake? Currently, there are nine states in the U.S that divide assets such as businesses at 50/50. In the vast majority of states, the process is called equitable distribution, and it is determined within the courts. This part of the divorce process can often be the longest part if both parties don’t come to an agreement quickly.

Protect your business

After all this information has been provided, the question still begs. How can I protect my business? The very best way to protect your business for a divorce proceeding is to be proactive before you even get married. This means asking your soon-to-be wife to sign a prenup. This will outline exactly what happens to your business in the event that the marriage does not work out.

It’s safe to say that the divorce process is one of the most daunting experiences to go through, especially if you own a business. Therefore it is highly recommended to acquire the services of an attorney to help may the process that much easier on yourself and your family.