Business owners in San Antonio typically do not marry with the expectation that they will get divorced down the road. However, the reality is that, sometimes, divorce cannot be avoided. Still, business owners can take some steps to protect their assets if they end up getting divorced.
First, business owners may want to put together prenuptial agreements prior to getting married, or they can create postnuptial agreements if they are already married. These agreements can spell out how business owners would like their companies valued and their assets split during divorce proceedings. These agreements can be helpful for facilitating resolutions and, thus, easing both a business owner’s anxieties and those of his or her future ex.
If a business owner decides to get divorced but does not have a postnuptial or prenuptial agreement, he or she may still establish himself or herself as the company’s sole owner. In addition, the company’s organizing documents should ideally spell out that the company cannot be transferred during the divorce proceeding. This means that the future ex would receive an award of cash instead. The business owner would also be wise to keep his or her business expenses and personal expenses separate.
A marital breakup can be challenging to navigate from a financial standpoint, even when a business is not involved. Therefore, when a company is at the center of a divorce, the process of tackling asset division can understandably be even more overwhelming. Fortunately, a divorce attorney can provide divorcing business owners with the direction they need to achieve the most personally favorable outcomes possible in San Antonio.