Losing the House or Business
Divorce is a traumatic process for both parties. It’s unlikely that anyone will find that statement shocking. However, have you ever considered that you could lose your entire business, and not to your former spouse? A story in the Financial Post discusses the tale of a man who was so traumatized by his divorce that he nearly lost his entire business due to lack of focus and the vigorous process of needing to miss work and focus on meetings with divorce attorneys and attend hearings. Issues like this are sadly all too common, and here in Colorado a Denver family law attorney can form the difference between moving on with your life and losing your firm.
It’s a sad fact of life: the economic downturn has resulted in people having to spend more time working harder for less pay. This pulls them away from their families, and the stress of difficult working conditions often contributes to relationships falling apart. One moment a family seems happy and solid, and the next, there are family divorce attorneys involved.
Even still, there are actions that can be taken to protect your business before divorce even becomes an issue. Few people like to think about prenuptial agreements, but if you have significant assets these can be helpful. Even if you don’t want to take this road, the article recommends considering the following:
- A buy/sell agreement. This protects company ownership in the face of triggering events.
- Creation of a domestic asset protection trust. This would transfer business ownership shares into a trust that isn’t subject to divorce settlements.
A qualified family law attorney can address these and other options to protect your business in the face of divorce.