Safeguarding your business during your divorce

Flicker, Kerin, Kruger & Bissada LLP

Entrepreneurs work long, hard hours building their businesses. When those hours eventually pay off and the business become a success, a business owner wants to protect his or her venture from anything untoward. A California business owner who is heading for divorce will likely want to do everything possible to ensure his or her business isn’t adversely affected by the divorce process.

By taking some steps, a business can indeed remain viable and successful amid an owner’s personal circumstances. The first thing a business owner should do is to enlist the help of a reputable accountant if he or she doesn’t already have one. Having some solid, financial advice amid a divorce is a wise idea. An entrepreneur might also benefit from hiring a divorce lawyer and a business lawyer — one to help keep the business safe and the other to help navigate through the divorce process itself.

If the business is on the block as one of the assets up for division, an owner might negotiate other assets to keep the business out of the mix. For instance, he or she might choose to give up vehicles, property in lieu of the business or expensive family heirlooms. Also, family and business accounts should always be separated since it can affect the business during the divorce process and business records should be impeccably kept.

Divorce can be emotionally taxing for many California entrepreneurs. A lawyer may be able to offer prudent advice about ways to potentially shield a business from divorce. Managing a business while going through a divorce is not easy and understanding some of the legalities involved may make the process less stressful.

Share On

Date Archives