Planning to marry the one you love is probably one of the most special times of your life. Like most California business owners, you may also be wondering how to protect your assets as you and your beloved spouse build your new life together. It's doubtful anyone gets married while thinking about divorce; however, business is business and you wouldn't be where you are today if you didn't prepare as much as possible for an unpredictable future.
As a company owner, you know there are good times and bad, times of profit, times of loss and challenges that may suddenly arise when you least expect it. Much the same can be said about marriage, and when the two are combined, it can be a recipe for disaster if you don't have all your bases covered.
Don't let tying the knot make you lose your business stronghold
When you and your special someone decided to get married, who was the first person you called? Most likely, it was not your attorney, right? That was written in jest; however, it's actually not a bad idea to discuss impending marital plans with a legal advocate when your high net worth business assets are at stake. Following, are some of the ways other business owners protect their interests:
- If your soon-to-be spouse is willing, it may be worth it to research how to draft a prenuptial agreement. It is such a highly customizable process that you and your loved one can choose exactly how to word things, what to include (or not) and what assets, if any, you wish to retain separate ownership of in marriage. Your business might be one.
- If you are already married, and there's no prenup between you, you may want to consider signing a postnuptial agreement instead. Even though it comes after the fact, it's no less valid.
- By the time you are reading this blog post, years may have already passed since your wedding day and your marriage may not have withstood its storms. If that's the case, and you're facing property division issues in divorce, you may be able to keep your business by offering to trade assets of equal value with your former spouse.
No couple wants to think their marriage won't last a lifetime. Those who are married and are business owners may also understand that life just sometimes doesn't go as planned.
Divorce can be risky for your business
When tough times occur, it's often possible to pick yourself up, dust yourself off and move forward to a happy and successful future. Where divorce and business interests are concerned, it's often easier to seek support than to try to go it alone in court.
You may no longer want to be married to your spouse. This doesn't necessarily mean you can't come to some type of amicable agreement regarding marital property and business assets. It helps to have a skilled negotiator by your side as you try to resolve property division problems and other divorce-related issues.