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Getting married? Own a business? Here's some advice

Last month, we wrote a post about the financial factors involved in a divorce and what you need to consider, financially speaking, when you are going through a divorce. Related to that topic, today we're going to talk about business owners going through divorce.

Being a business owner demands a lot of hard work and dedication from the individual. They have to pay attention to detail and meticulous track how their business is doing. If the owner is successful, their business can be a massively profitable asset. Which is why if that business owner gets divorced, their company can be a divisive asset involved in the property division process.

Getting a prenuptial agreement is one of the best ways to protect your business in case of a divorce. But not every couple signs a prenup, nor does every business owner think one is necessary. So what could a business owner do to protect his or her company before he or she even walks down the aisle?

In general, you need know only one thing: be very meticulous about the inner workings of your company. But more specifically, you should act accordingly:

  • Get a valuation of your company before you get married, or even near or on your wedding date.
  • Keep your spouse and your company separate. Do not let him or her work for the company.
  • Maintain excellent financial records so that you have concrete evidence of your company's financial picture.
  • Refrain from mixing your business expenses and personal expenses.

Source: Huffington Post, "Essential Steps To Divorce-Proof Your Business," Lisa Helfend Meyer, June 29, 2016

 

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