A. If you have the business before you are married, we strongly suggest you get a pre-nup.
- To avoid the risk of the pre-nup not being upheld follow these tips: ensure both people involved each had their own lawyer.
- Do not get the spouse to sign the pre-nup right before the wedding or the birth of a child.
- Do not make a prenup that leaves one spouse destitute and not able to get anything out of the marriage
- Avoid making any misleading statements in the prenup.
B. Set up Your Business as an LLC or Corporation. A lot of the confusion related to divorce as to who gets business because it is often difficult to tell if assets are personal; assets or business assets. Don't mix personal assets with business assets.
Below are a few examples of thigs not to do:
- Paying utilities for both your home and company from the same account.
- Depositing customer payments into your personal savings account.
- Using you and your partner's credit card to purchase supplies
- Putting a personal vacation on a business credit card
Avoid Involving the Spouse In the Business
Tip- Be creative When Resolving Financial Disputes in Divorce.
Hayes Legal Solutions, PLLC has a lot experience protecting high stakes businesses when a marriage goes sideways. Call or text 405-635-5578 to set up a consultation today.