DIVORCING AS A BUSINESS OWNER? READ THIS
Business owners and entrepreneurs rely on their business investments and ventures for income. Many even tie the success of their business to their own personal identity. When married, though, half of the business may technically become the property of the other spouse, which also means this same split can come up in divorce.
KEEPING CONTROL OF YOUR BUSINESS IN DIVORCE
If you want to keep control of your business just to yourself, you would have had to designate it as separate property before your divorce was filed. Generally, this is something designated in a prenuptial agreement. While creating the prenuptial agreement to protect your business and keep it under your control, you should use deliberate, clear language to explain why you are making that decision. Prenuptial agreements could be challenged later if things seem unfairly tipped in one spouse’s favor, so clear explanations are definitely appreciated.
At the time of your divorce, if you are worried that your business could be seen as marital property, then you are going to have to convince your spouse or the court that there was no marital effort involve in creating, growing, or maintaining the business. Working with a family lawyer is advised to create your case.
ALL THE HELP YOU NEED FROM ONE LAW FIRM
Weis Law Group is here to make certain your divorce goes as smoothly as possible. We understand the pressures a business owner goes through when facing divorce, and we know what steps to take to protect your business from an unfair split. Call (614) 732-5566 to request your initial consultation with our family lawyers in Columbus. We serve clients throughout Ohio.