How to “Divorce-Proof” Your Business
When it comes to businesses started during your marriage, you may not realize that, if you do not properly protect that business, it could be split with your ex in the event of divorce. Some individuals even find themselves having to give up their own shares of a company they started – allowing their ex to buy them out as part of their settlement agreement – which can bring on feelings of tremendous despair and loss. Not only could you lose your business, but you would also have to split any growth in the value of that business that occurred during the marriage. However, it is also important to realize that this does not have to happen, as there are ways to “divorce-proof” your business – as long as you plan ahead. First and foremost, keep in mind that the best time to do this is before you get married, and if you are already married, before you can even contemplate getting a divorce. Pre- and Postnuptial Agreements A prenuptial agreement is one excellent instrument that can be used to do this. The written legal agreement can set anything aside—including a business started during a marriage—as separate property. Of course, any prenup agreement must be executed in accordance with the law, which means that full financial disclosure must be involved, and it must be executed before witnesses, without coercion, and where each party has their own legal representation. It also cannot be unconscionable (i.e. so unfair as to violate public policy). If it is too late for a prenuptial, a postnuptial agreement can also be entered into after marriage. Once your fiancé signs the prenup, you will want to continue to work with your attorney to ensure that your business income is kept separate and not intermingled with marital assets. Your attorney will be able to help you ensure that everything is done by the book, so to speak. Transferring Your Business into a Trust Another option is to transfer your business into a trust, such as a Domestic or Foreign Asset Protection Trust. In this case, you will want to ensure that you work with an attorney who understands the nuances of business transfer like this. One of the benefits of this option is that your fiancé does not have to approve or sign anything first. Contact Our Florida Business & Divorce Attorneys Whether you are considering getting married or divorced, you want to make sure that you consult with an experienced family law attorney who comprehends all of your options when it comes to property division so that you are protected at every step. In the same way you obtain auto or homeowners insurance to protect yourself against loss, you should divorce-proof your business. Contact our Florida divorce attorneys at HD Law Partners today to provide you with the guidance you need so that your business stays safe. Our attorneys are well versed in business, family, and divorce law, and the property division issues that come along with them. Resource: forbes.com/sites/jefflanders/2018/10/02/women-divorce-proof-your-business-now/#5782454c3bd5 Tags: Tampa Divorce Lawyer, Tampa Divorce Lawyers, Tampa Family Law Attorney, Tampa Family Law Attorneys Posted in Divorce, Family Law, Prenuptial Agreements, Property Distribution | No Comments » Connect with us Archives May 2026 April 2026 March 2026 February 2026 January 2026 December 2025 November 2025 October 2025 September 2025 July 2025 June 2025 January 2025 January 2024 December 2023 November 2023 October 2023 September 2023 August 2023 July 2023 June 2023 May 2023 April 2023 March 2023 February 2023 January 2023 December 2022 November 2022 October 2022 September 2022 August 2022 July 2022 May 2022 April 2022 March 2022 November 2021 October 2021 September 2021 August 2021 July 2021 May 2021 April 2021 March 2021 February 2021 January 2021 December 2020 November 2020 October 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020 February 2020 January 2020 December 2019 November 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 November 13 Categories Alimony Appellate Arbitration Auto Accidents Auto Insurance Business Corporate Business Insurance Law Child Custody Child Support Criminal Law Divorce Family Law FEMA Insurance Payments Florida’s Mandatory 2‑Hour Legal Professionalism CLE: Foreclosure Defense Fort Myers Hurricane Insurance Attorney General Guardianship HD Law Partners Service HOA/Property Management Homeowners Association Homeowners Insurance Hurricane Claims Hurricane Insurance Insurance Bad Faith Insurance Claims Insurance Defense Insurance Litigation Landlord Tenant Law Enforcement Liability Loan Modifications Mold Water Damage Parental Rights Paternity Personal Injury Premises Liability Law Prenuptial Agreements Private Security Property Distribution Property Owner Law Sarasota Insurance Litigation Attorney Slip Fall Tampa Business and Corporate Attorneys tampa family attorney Tampa Insurance Attorneys Timeshare Timesharing Uncategorized HD Law Partners is proud to be your trusted full-service law firm Quick Links Property & Casualty Business & Corporate Litigation Family Law Contact Us Careers Get In Touch 2002 North Lois Avenue Suite 510 Tampa, FL 33607 813-253-5333 Contact Us