People with a lot of assets in their name may not think of a prenuptial agreement or other protections in the case of divorce. But business owners almost always think of what could happen to their sources of pride and income. Protecting a business from divorce may mean more than personal success. It could matter to employees, vendors and clients alike.
Divorce is always a complicated process that is often fraught with emotional problems. Since emotions can lead to poor decision-making when they are not maintained, most people prefer the protection of legal representation while they are dealing with divorce.
Couples get married with two expectations. The first is that they will be together forever. The second is that breaking up would be a very difficult process. Everything must get divided, from shared houses to the custody of children. One matter that may be especially contentious and complicated is sharing a business interest.
As business owners, many California residents likely understand the importance of keeping business affairs in manageable order. Any number of events could throw a wrench in operations that may have otherwise been running smoothly. For business owners facing divorce, taking steps to protect business interests may be worth the time and effort.
Having a business can be a point of pride in many California residents' lives. However, when a married business owner faces divorce, many concerns may arise about potentially losing a portion of the business assets during the proceedings. In the best cases, business owners could consider protecting business interests in divorce before the process begins.
Family businesses play a massive role in the U.S. economy, and millions of people across the country have a stake in the opening, operation and closing of these businesses. This includes employees, partners and clients that can span generations.
Recently, a report was released stating that millennials are the most entrepreneurial generation in history based on the high number of people born between 1980 and 2000 with aspirations to start their own company. In fact, nearly one-third of them already have, according to the report.
The division of marital assets is one of the most complex and emotionally draining aspects of divorce. Unfortunately, it can become even more complex and draining when there is a family business involved.
Did you know that roughly 3.7 million businesses were operated by husbands and wives in 2007? For these millions of people, the line between business and personal life is razor thin, if not non-existent. This can create quite a big problem if a husband and wife decide to divorce.
Owning your own business can come with many risks and headaches. However, it can also be hugely satisfying to be your own boss and to reap the rewards when your risk-taking pays off.