Helping You Resolve Difficult Issues In Family Law

How do you protect your business during a divorce?

On Behalf of | Apr 13, 2021 | Divorce

If you own a business and are planning on filing for divorce in Arizona, you may be concerned about being required to give part of your business over to your spouse after you separate. Fortunately, you can protect your business by creating a pre or postnuptial agreement, which must be signed by both parties.

You can also form an LLC to protect your business assets. Keeping your spouse out of your company as much as possible will allow the courts to recognize that it is managed more by you than him or her.

Mistakes to avoid when getting divorced

Avoid hiding any money or assets after you file for divorce, which can cause you to be charged with fines. It’s also necessary to not become too emotionally attached to your assets. If you want to keep your business, be willing to give more of your assets to your spouse.

Not considering mediation can also make the divorce process take longer to finalize and more challenging to divide your assets. Failing to produce an accurate budget when working through alimony can also lead to complications and issues. Consider hiring a financial professional to get an accurate budget. It’s also important to avoid disregarding the impact of taxes in a divorce settlement, which may make it necessary to contact a tax professional.

Who can you contact for legal assistance?

If you want to file for a business owner divorce, hire a lawyer who can help you through the entire process. He or she can answer your questions and inform you of your rights to ensure you can pursue your fair share of your assets. An attorney can also offer assistance with similar matters, like spousal support and child custody.