For Arizona business owners, few things are more important than protecting business interests from loss. This is especially true in cases where the business employs others who depend on their jobs to support their families. There is an enormous amount of responsibility associated with owning and operating a business, which is why spouses try hard to protect their business interests during the course of a divorce.
Of course, the best cure is heavy preparation, and a prenuptial agreement is the most effective way to shield business assets from the property division process. However, absent a prenup, there are still ways to retain the bulk of business wealth. Doing so often requires assembling a divorce team.
A family law attorney may be the center of your divorce team, but other professionals can also be of assistance. In many cases, a financial advisor can be brought in to assess the financial situation. In some cases, a business valuation specialist can also add insight and information to the process. Having that information can make it easier to make properly informed decisions.
When choosing an attorney and financial advisor, be sure to ask whether those professionals are experienced in handling the division of business assets during divorce. This is an area of practice that requires a special set of skills. Finding the right team to guide one through an Arizona divorce is critical to achieving a positive outcome. For those who are trying to move through divorce without having to dissolve their businesses, having the right team can be essential.
Source: bizjournals.com, “How to protect your business during a divorce“, Marcellus Davis, Dec. 28, 2016