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Ways to Protect Your Business from Divorce

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Divorce is hard enough on couples who have to divide their personal assets, but it's even harder on couples who own a business. As an entrepreneur, you have more than just yourself to worry about, you have the "employee family" to consider as well. It's not just your income and your future, it's theirs too.

If divorce is on the horizon and you own a business, you're going to want to think ahead. By being rational and taking precautionary measures, you can avert unwanted and negative things from happening to your business and your employees.

1. Sign a prenuptial agreement.

If you own a business and you're engaged, it's wise to draw up a prenuptial agreement. By having the "conversation" when you're rational, you and your fiancé can decide what will happen to the business if the worst were to occur.

Get legal representation when drafting a prenup, and make sure you're both represented by your own attorney. Judges have been known to toss out prenups where one of the parties wasn't represented by a lawyer when the document was signed.

2. Discuss the future of the business early.

Once divorce is inevitable, talk to your spouse about the fate of the business. You should do this before spread the "news" to your employees. You may have to reach a compromise in order to protect the business, so draw up a list of agreeable options before meeting with a divorce attorney.

3. Only hire an attorney who can empathize.

You want to hire a Nassau County divorce lawyer who can empathize with your concerns. Often, couples don't want to walk away from their business or shut down operations, nor do they don't want their employees to lose their jobs. Work with an attorney who's handled divorces involving businesses, and who's committed to finding solutions so your business doesn't have to close.

4. Take a collaborative approach to your divorce.

If possible, strive to obtain a collaborative divorce – a divorce where the parties agree to set aside their differences and reach a fair settlement. Collaborative divorce is a less stressful, faster, and more cost-effective way to get divorced, and a favorable alternative to divorce litigation.

Foresight, planning ahead, and the willingness to explore your options are all essential to ensuring that your business not only survives, but thrives after the divorce is final.

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