How Can I Avoid Business-Related Issues When Divorcing?

As you are likely aware, a marriage is as much a legal commitment as it is an emotional one. And once a married couple becomes emotionally detached from one another and wants to split, they also must extricate themselves from their legal bonds. Divorce is difficult under any circumstances, but if the spouses also co-own a business, there may be another, even more complex, legal layer with which to contend.

Clearly, dividing business assets could create a drawn out conflict that is both expensive and stressful to resolve. In fact, the business itself may be threatened if an amenable resolution is not reached as soon as possible.

But what could prevent such a difficult state of affairs from transpiring? Well, there a few basic things that can be done. First, you could nip many potential problems in the bud simply by having a prenuptial agreement. In addition to conditions pertaining to your individual interests, a prenup can contain stipulations regarding your business.

And if you got married without a prenup, you can always craft a postnuptial agreement. Such an agreement could be key to protecting your fair share of a business’s assets because Texas is a community property state, meaning that without a written agreement, you will get about half of the company’s value.

It also does not hurt to try to maintain a functional working relationship with your soon-to-be ex-spouse. Having a civil discourse can help you expedite the divorce process much more quickly and efficiently, which is in both party’s best interests.

Finally, it is also very important to have an advocate who has experience handling high-asset divorce cases. An attorney can help you evaluate your business and act on your behalf to see that you receive an appropriate settlement.

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