When you have a business you own and are preparing for divorce in New York, you may be afraid that you’ll lose your business to your spouse. Fortunately, there are steps you can take to protect your business.
Start by forming an LLC, trust, or corporation, which you can form if you’re the sole owner of the business. Signing a pre-nuptial or post-nuptial agreement can also protect the business, especially if your spouse didn’t contribute to the business.
Keep your spouse outside of your business as much as possible, and increase your salary to ensure the money goes into your own hands instead of back into the business. You can also build your own personal assets.
How to pay off your spouse when you file for divorce
When you file for divorce, you can obtain full ownership of your business by paying off your spouse. This is the best option if you can’t protect your spouse and they’re entitled to their share of the business. You’ll need to get the business valued by a neutral valuation professional to determine how much you’ll need to pay your spouse. You can also use your share of the assets that you own to pay them off. It can also be necessary to hire a business and divorce attorney.
Who can you contact for legal assistance?
If you’re preparing to file for divorce and want to protect your business, contact a divorce attorney who has experience in business and divorce. The legal professional can answer your questions and also inform you of your rights. They’ll review the details of the case to determine if the business is considered to be marital property. The attorney can also offer mediation services in an attempt to help you settle outside of court. They can even assist with related matters that include spousal support, child support, and asset division.