Tips for Retaining Your Assets When You are Divorcing.
When you promise till death do us part at the altar you mean that in most cases but some circumstances might cause you to break the promise. Divorce is not something that should make you feel guilty because people do this on a daily basis all over the world. Actually, the rate of divorce in the modern world are high. When it is clear that the marriage will not survive, do not care about what the society will say about your decision to get a divorce but rather care about the assets you will be getting. The last thing you want is to give everything you have in establishing your business and have someone take it away from you. A lot of people do not stop to think about asset protection when they are in love and that is why they are caught off guard in matters to do with asset allocation in times of divorce. You need to review the premarital agreement you made. If you did not make one, there are other options. For people who were business owners before the wedding, the premarital agreement is crucial. It shows that you put all the efforts in starting and growing the business.
There are those who will put aside starting the business until they marry and in such cases you still need to be protected. You ought to have a postnup drawn in such cases and it serves the same functions a prenup does. However, judges are not always enthusiastic about postnups compared to prenups. You should tell your partner about the postnup in the early stages of marriage to increase the chances that the court will admit it readily. Be keen on the contributions the other person is making in helping you grow the business. It can be tricky to say what is significant and what is not. Start by checking whether your partner gave you any money in growing your business. You will be trouble if the money you were given was high. There is much more considered aside money when it comes to gauging the kind of contributions the other party has made. Ideas which might have been shared will also be a big deal.
It will be a hot mess if your partner is working for your company. When someone is working under or at the same level as you in the company you started you cannot convince the judge that they are not doing anything good as far as the company is concerned. If you find yourself backed in a corner, firing your spouse will solve the matter.