Birmingham Divorce can devastate Family Businesses
You spent years setting up and running your business. But have you thought about securing your business from divorce? Experts are now urging business owners to divorce-proof your business, according to Forbes. This divorce-protection plan should be included as part of your financial plan, even if you never intend on using it in a divorce in Alabama or elsewhere in the United States.
Our Birmingham divorce lawyers urge you to take the proper precautions to protect your business from whatever misfortune it may encounter. It's like homeowner's insurance. While you purchase the coverage for your home you're hoping to never use it. We urge you to make the same kind of plans to secure your company, even if you never intent to split from your spouse. If the relationship were ever to spoil, you'd surely be glad you did.
The numbers don't lie, nearly half of all first-time marriages end in divorce. Never assume that it can't happen to you.
This is, again, where the topic of a prenuptial agreement comes into play. This document will detail the couple's expectations upon a divorce, specifically property rights. Prenuptial agreements must be executed voluntarily without coercion and in writing. All assets and liability must be included in the document., There is no hiding any information in these types of agreements.
Didn't create a prenuptial agreement before the wedding? It's okay, you can always form a postnuptial agreement. This is a document that a married couples can put into effect after the vows. A postnup should include the same intricate and important details as the prenup. Be careful though, a postnuptial agreement can be harder to get the court to recognize.
The problem with a family business is that it is often the biggest asset in a divorce. And what can't be split, often ends up being sold. It is for this reason that anyone going through a divorce involving a family business should contact an experienced divorce attorney at the earliest possible stage.
There are a number of other ways to protect a business, either before or during a marriage. Planning is the key. Planning and the willingness to protect against that which you hope never occurs.
If you are currently going through a divorce or thinking about filing for a divorce in Alabama, contact Birmingham Divorce Attorney Steve D. Eversole at 1-866-831-5292 for a confidential consultation to discuss your rights.
