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The business of divorce could impact your California business

Are you a California small business owner? You know how difficult it is to start, build and sustain a small business, and the end of your marriage could pose a risk to everything you have worked so hard to build. However, with preparation and a clear focus on a strong post-divorce future, you can protect your business assets and shield yourself from unnecessary complications. 

All marital property is subject to division during a divorce, and you would be wise to know if your business falls into this category. If it does, you may seek a full understanding of how the divorce could impact this valuable asset and what you can do to position yourself for business success after divorce.

What can I do to protect my business?

No two divorces are the same, but there are certain steps that business owners would be wise to take to ensure no unnecessary exposure to financial risks, even if a divorce is not yet on the horizon:

  • Put certain legal protections in place: If you do not have a prenuptial agreement in place before you get married, you may find it useful to explore the benefits of a postnuptial agreement. This can address how you wish to divide business assets in case of divorce, allowing you to avoid litigation and complications in the future.
  • Consider negotiations with your soon-to-be ex-spouse: If you are facing a divorce and your business assets are at stake, you may find it beneficial to consider how you both can work together cooperatively to reach a negotiated settlement. This can be less expensive than litigation, but it can also lay the foundation for working together post-divorce, if it will be necessary.
  • Know your rights: You have the right to seek a beneficial outcome to your divorce. Whether you negotiate on a beneficial final property division order or you pursue another option, you can work to pursue an outcome that benefits you for years to come.

It is also prudent to carefully consider the financial impact and tax consequences of any agreement. The decisions you make during a divorce will have a significant impact for years to come, and allowing emotions to drive your decision-making can be a dangerous way to approach your divorce.

A divorce is difficult, especially for business owners, but it is possible to secure an outcome that allows for stability and prosperity long into the future.

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