How Do You Protect Your Business in a Divorce?
Hi. I’m Eric Engel, a Dallas divorce attorney with the Engel Law Group. Protecting your business is one of the most fundamentally important things you do. After all you’re protecting your future revenue stream. There are a few basic things to keep in mind when trying to protect your business in the divorce process.
First, the best way to protect your business is to have already agreed to a pre or post-nuptial agreement. These are agreements in where you agree who gets what in the event of a divorce. If you don’t have a pre or post-nuptial agreement and then you want to make sure you’re engaging in good divorce planning.
Good divorce planning is critical. This means you’re aware of what all the assets are that you have – and also what your spouse has – as you began the divorce process. Good divorce planning is also important because once you begin the divorce process there may be a question of what type of property your business is. Is it separate property?
In other words, it’s something that’s wholly owned by you or is it community property? In other words, an asset of your marriage. And if it asset of your marriage then you’re probably going to have to get some type of business evaluation to determine what the value is of the business.
Why am I telling you this? Because protecting your business is one of the most important things that you’re going to be doing in the divorce process. We deal with business owners on a daily basis. We help protect their business in the divorce process.
We can help you. Give us a call. Our phone number is 206-625-9800. Thanks for watching our video. Have a nice day!