Business people in New Jersey usually do not get married believing that their marriage will come to an end one day. Unfortunately, sometimes, divorce is inevitable. Here are a couple of steps people can take to protect themselves in the event that they get divorced.
First, it can be helpful for business people to create prenuptial agreements before marriage or postnuptial agreements after marriage. These formal agreements document guidelines concerning issues such as how their businesses should be valued during divorce proceedings and how their assets should be split. Having such formal agreements in place can help to facilitate resolutions and ease the anxieties of both the business people and their future ex-spouses.
If business people end up getting divorced without having prenuptial or postnuptial agreements in place, they still have a couple of options for protecting themselves. For instance, they can establish themselves as their businesses’ sole owners and ensure that their firms’ organizing documents specify that their companies cannot undergo transfers during divorce proceedings. Instead, the business owners’ future exes would receive cash awards. Furthermore, it would behoove the business owners to keep their personal and business expenses separate.
Divorce can be a complex process, even in relatively amicable situations. However, going through divorce as a business owner can be even more complicated, as businesses are high-value assets, and dividing these assets is not a straightforward process. Fortunately, an attorney in New Jersey can provide divorcing company owners with the guidance they need to protect their business assets long-term.