A Family Law Attorney

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Protect your business from your divorce

| Jan 22, 2021 | Divorce |

Running a business is rewarding, but it is also stressful and could put a lot of strain on a marriage. A spouse may see the time and energy you give to your business as time you could be spending with them and eventually start to resent a business you have devoted years of your life to build. You may be pleased to know that ending your marriage in Pennsylvania does not mean you have to give up your business.

Planning before marriage

There are some things you can do before you get married to protect your business. The most effective option would be a prenuptial agreement. A post-marital agreement might protect your business as well. If you don’t have a prenup, an experienced divorce lawyer may still be able to help you save your company.

Divorce settlement options

If your company is worth more than any of your other marital assets and you want to continue running it alone after the divorce, you might need to offer some concessions. For example, giving up your home in exchange for keeping control of your business might be an option. Allowing your spouse to keep an equitable portion of other assets rather than giving them shares of the business might allow you to continue to build your business after the divorce without having to maintain a working relationship with your former spouse.

Getting divorced as a business owner doesn’t necessarily mean you will lose your business or have to share decision-making responsibilities with your former spouse. There are steps you can take both before you get married and as you work out the terms of your divorce that may allow you to retain control of the company you’ve built.