Protecting Your Small Business During a Divorce

Protect a Small Business from DivorceAs a business owner, if you are considering a divorce or were just informed that your spouse is seeking one, one of your first concerns is likely how you are going to protect a small business from divorce in Gwinnett County.

Your business is the other half of your life, so when the marriage half is coming to an end, you want to do everything in your power to protect the business half. That’s where a good divorce attorney comes into play. Divorce attorney David Ward has the resources and know-how to help Gwinnett County business owners going through a divorce protect the business from division, take-over, and losses during the divorce process.

Your Business Records Are Your Best Asset During a Divorce

The best thing you can do is to keep excellent records. Too often we see a business partner who is facing divorce start trying to hide assets or sabotage the business. By keeping good financial records prior to starting a divorce, you’ll have a solid track record of good accounting and proof that your business was successful before a vengeful ex-spouse got into the books.

Even if your records weren’t that great, we work with some of the best business valuation firms available. These professionals know exactly how to assess a business’s value and integrity, and can identify any funny business that may show your partner was trying to sabotage or hide parts of your small business assets.

Another good strategy for protecting business assets during divorce is to not allow too much cash to build up in your accounts once you know divorce is imminent. This may mean you need to start paying yourself a reasonable salary to reduce your cash holdings. A buildup of pure cash assets is a prime target for take-over by your soon-to-be ex-spouse.

Dealing with Terms of a Prenup When Getting a Divorce

While it’s true that a prenuptial agreement is one of the best ways to protect your business in the event of a divorce, they aren’t always fool proof. It’s always best to have a good divorce attorney on your side to help enforce your prenup if you have one.

For any nuptial agreement to function, it needs to have a full and fair disclosure of your business assets. Again, this means good record keeping and honest financials.

Hire a Divorce Attorney in Gwinnett County Who Knows How to Protect a Small Business from Divorce

Attorney David Ward focuses on helping small business owners keep their livelihood safe in the event of a divorce. Don’t let a poor business valuation or bad asset division leave you picking up the pieces of your once thriving company. Call 770-383-1973 or fill out our online contact form to schedule a consultation today.  The sooner you get David Ward on your side, the sooner you can take action to protect your small business.