If you are a business owner, you know that your business is more than just an investment. Brian Grady divorce attorney will help you protect your assets. Your business is a legacy, so who will take ownership of it if you get divorced? A prenuptial agreement can protect your company, but many business owners don’t think of it until you’re already in the divorce process. Whatever the circumstances, you need a plan to ensure the right thing happens for your family business.
Most family businesses aren’t ready for divorce
The truth is, most family businesses aren’t ready for divorce. The stress of a divorce can be overwhelming on its own; add in the fact that you’re also trying to keep your business afloat and there’s no doubt you’re going to need some help.
So how can you protect your company during this time? How do you prepare yourself and your family business for the possibility of a breakup? And what can be done after the fact so that everyone involved has the best chance at moving forward happily?
How do you know if your company is prepared?
An important step to ensuring that your company will be protected from divorce is knowing how much it is worth. This can be difficult, but there are ways to determine and verify the value of your business. If you have a sales history, the most straightforward way is to look at how much revenue the company has generated over time. However, if this information isn’t available or doesn’t provide enough insight into the value of your company (for example if you are still getting started), there are other routes you can take.
Brian Grady divorce attorney has a strong financial background and the experience to handle complex financial issues. Contact the Law Office of Brian Grady to protect your family business and secure your future. (630) 351 – 4466
You can prepare if you start early
- Prenuptial and Postnuptial agreements can help you establish what will happen with your business should you get a divorce. It is critical that you consult with Brian Grady divorce attorney to craft a legally binding agreement that will hold up during the divorce.
- During the divorce, there will be many issues to discuss when it comes to dividing assets and debts between spouses or former spouses. It is essential that you get a valuation for your business, so you can make informed decisions about how to divide this asset.
How a family business could get divided
Although each divorce is unique and there are a lot of options to consider, there are some common approaches to dividing a business.
- One Spouse Keeps the Business – In general, the spouse who runs the business will buy the other out with a lump sum payment or a structured settlement note that is paid off over time. This is why it is imperative to have an accurate valuation! This option is most common among divorced couples.
- Both Spouses Keep the Business – This scenario is not for everyone, especially those couples that are unable to maintain an amicable relationship for work. It is the most straightforward financially, but you have to be willing to remain business partners after the divorce.
- Both Spouses Sell the Business – In this case, the money from the sale will be divided up according to the settlement agreement or judgment. This approach gives both parties a clean break, but can lengthen the divorce process while you are waiting for the sale of the business to go through.
Whatever decision you make, Brian Grady divorce attorney is here to ensure you are protected. He will thoroughly evaluate all your options and go through the financial consequences and tax implications of the different options.
Contact Brian Grady divorce attorney to discuss your family business
Divorce is never easy, but it doesn’t have to be a complete disaster. If you own a family business, it’s important to start thinking about setting up protections ahead of time. Brian Grady divorce attorney can assist you with pre or post nuptial agreements. If you waited and don’t have the necessary protections in place, our legal team can ensure you understand all of your options. If you are going through a divorce and you have a family business, contact The Law Office of Brian Grady to discuss your options.