A divorce is sure to impact almost every area of your life, including your professional life. This is particularly true if you are a small business owner in Michigan and you have concerns about how the end of your marriage will impact your business. Fortunately, a divorce or potential divorce does not necessarily have to mean the end of doing business as you know it.
You worked hard to build your business, and it is normal to have fears over what a divorce can do to your operations. Smart business owners know that there are risks, and many of them find it prudent to put certain protections into place even before a divorce is a possibility.
It pays to prepare
Whether you started your business long before you married or you started it after the marriage took place, it is prudent to lay the foundation for your protection in case your marriage does not end happily. Some of the most basic protections you may find useful include the following:
- A trust or LLC: In some cases, it may be appropriate to put business assets in a trust to shield them from the fallout of a divorce. Another step is to establish an LLC or corporation when forming your business, as this will allow you to protect your business, especially if you do it before you marry.
- Post or prenuptial agreements: A prenuptial agreement can allow you to protect business assets and outline how property division will take place in case of a divorce. If you did not take this step before marriage, you can still do so by having a postnuptial agreement drafted.
- Negotiations: Divorce is hard, but it is possible to reach a beneficial outcome to property division issues through negotiations and other means. You may be able to protect your business by offering other assets in exchange or work out an agreement that uniquely suits the interests of both parties.
It is never too early or too late to protect your small business from a potential divorce, and you would be wise not to delay.
Preserving your business during difficult times
You have the right to seek an outcome to your divorce that allows for the protection and continuation of your business. You would be wise to take quick to find out what that means for you and how to move forward with your divorce. This is not an easy process, but with guidance and a clear view on a secure future, you can continue with business as usual for your small business.