The future of your business could be at stake if you and your partner decide to part ways. Your spouse may have a claim to this asset and you could be forced to sell your business or lose a large portion of your income. There are safeguards you can put in place to ensure your business can still be successful after your divorce papers are signed. Here are three tips to help you protect your Georgia business during a divorce.
Establish a Postnuptial Agreement
Many couples often create a prenuptial agreement before getting married if there are high value assets. If you are already married, you may be able to establish a postnuptial agreement to protect your Georgia business during a divorce. Consider working with a mediator or attorney to create a legal agreement on what will happen with business assets. If there is an interest from your spouse, you may want to consider a buyout or settlement agreement on asset division and ownership.
Separate Business and Personal Expenses
Your Georgia business may be considered marital property, unless you can prove otherwise. Keeping your expenses separate may help you do that. Your business should have its own bank accounts and credit cards that are never used for personal expenses. Review other documents in your estate plan like insurance policies to ensure there are no conflicts with business ownership and control.
Acquire a Business Evaluation
Acquiring a business evaluation can provide several protection benefits during a divorce. A professional evaluation can establish your Georgia business as a separate asset from the marriage and determine its overall market value. This can help you determine how much needs to be distributed during a divorce settlement.
Protect Your Business with an Experienced Georgia Divorce Attorney
Setting up a legal agreement with your spouse before you get divorced can be one of the best ways to protect the future of your Georgia business. The experienced legal team at M. Qader A. Baig & Associates, LLC can help you explore all your legal options during a divorce and recommend the best next steps. Call to make an appointment to discuss your legal needs today.