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How To Protect Business in Divorce

Divorce is a tricky endeavor, especially when it comes to protecting assets and businesses through the process.  If you own a business, the best way to protect your business is to (A) not marry; or (B) sign a prenuptial agreement.  If you are past that stage, there may be many options still available. First, most small businesses are generally viewed as nothing more than an income producing vessel for the owner.  The ability to sell the business in the open market may be minimal or non-existent.  If that is the case, the business will have a zero or nominal value. Many business owners also decide to have an attorney review all of their corporate documents when preparing for a dissolution.  It may be essential to avoid having husband and wife co-own a business through the divorce process.  While it would be ideal for the parties to continue to amicably run the business, the fact is that each party has their own agenda during a divorce.  It may be essential for the board to terminate the employment of one spouse in order to preserve the business as an ongoing entity. You should speak to your divorce/family lawyer as well as your business attorney prior to taking such actions.  It may not only open your business to a minority shareholder lawsuit, but also be in violation of temporary orders from the family court and could possibly be interpreted as discrimination. If you are marrying, discuss with an experienced attorney the idea of a prenuptial agreement as far in advance of the wedding date as possible. Careful consideration and full disclosure as well as representation of both parties is essential for a prenuptial agreement to be upheld. If you own a business and are headed toward divorce/dissolution, discuss with an attorney the likely ramifications and how to protect your assets through the divorce process.  For advice and consultation in Cincinnati and Northern Kentucky, call the Bouldin Law Firm and discuss with Michael Bouldin.  Contact Mike at mike@bouldinlawfirm.com or call 859-581-6453 (581-MIKE).

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