If you are a Texas small business owner, you understand a divorce could mean significant changes for your business. The end of a marriage requires the two parties to address and fairly distribute all marital assets, which could include some or all of your family-owned business assets. While a divorce will bring financial changes, you can take certain steps to preserve your financial and business interests.
During your divorce, it is easy to allow emotions to drive you to make decisions that are not necessarily in your best interests. With the future of your business at stake, it is beneficial not only to think about what you need now, but what your business may need in the future as well. Business owners would be wise to proceed carefully and thoughtfully.
What should you do?
Fortunately, the end of your marriage does not necessarily signal the end of your business. By proceeding carefully and thoughtfully, you may be able to protect certain assets and keep your business largely intact. Some things that business owners may find useful as they prepare for divorce include the following:
- Find out what the business is actually worth. A recent valuation of your business assets can ensure you get your fair share of this specific marital asset, as well as help you effectively approach property division negotiations.
- Focus on the future. It is easy to think only about what you want now, but it is crucial to consider how your negotiation strategies and property division settlement could affect your business in the future.
- Determine if your spouse is being honest. When there are hidden properties and undisclosed assets in a divorce, it can cause serious complications. It is important to both locate all assets and to be honest about assets in order to reduce problems and resolve disputes quickly.
Whether you want to preserve your business in a divorce or you are looking to ensure you receive your fair share during your divorce, proper preparation is prudent.
Help today for your interests tomorrow
A divorce will surely impact your small business, but there are steps you can take to protect your future and the continued operations of your company. As early as possible in your divorce, you will find it beneficial to seek legal guidance regarding how you can shield your interests. Before you agree to a settlement or make any decisions regarding your future, you will find it helpful to have a complete evaluation of your case.