A divorce can pose a difficult hurdle for anyone, if only due to the number of assets that always get tied up in it. If you own a business, then you will also have to consider your business finances in addition to your ones.
While fair distribution is an important factor, you need to do some of the heavy lifting on your end to make sure that things do remain as fair as possible.
Prenuptial and postnuptial agreements
Forbes discusses the fair distribution and what you can do to keep it that way. First, lean on a pre-or postnuptial agreement if you have one. You sign prenuptial agreements before your marriage and postnuptial agreements after, at any point in the time that follows your legal marriage.
In one of these agreements, you can outline how you want the assets of your business divided, as well as the overall estimated value of it. In this contract, you may also specify that your business serves as separate property, or that its value before your marriage remains separate from its value after. You can also include percentages on how you would like the business divided.
Equal partnership and sole proprietorship
In an equal partnership, you may include clauses in the contract for one spouse buying out the other. In some unique cases, people even choose to continue working together as business partners even after the dissolution of their marriage.
You can also remain the sole owner even without a contract. Record all of your business capital, keep your personal and business assets separated and pay yourself within the market standard, or your ex-spouse may attempt to gain an income higher than what you receive.
