Getting married is one of the happiest days for several individuals in Florida who decide to take this step. Unfortunately, the statistics indicate that first marriages fail at close to 50 percent and over 70 percent for subsequent marriages. Knowing these statistics makes it imperative to protect your business before saying, “I do” and tying your assets together. Without any arrangements in place before getting married, you may be subject to losing your business or watching it get divided into separate pieces.
Ensuring your business is protected during a divorce is essential
Protecting your business by drafting the appropriate legal documents before you get married is essential if you want to avoid the possibility of frustration and losing a significant number of your assets in the future. One of the best ways to make this happen is by creating a prenuptial agreement. You can also use a partnership agreement or position the business as your employer, paying you a salary. Receiving assistance from a seasoned legal professional can ensure these documents are completed correctly to help protect you in the event of a divorce.
Dealing with a business in divorce can be complicated
If you didn’t obtain a prenuptial agreement before getting married, there are other effective methods you might be able to utilize to keep your business intact. Preserving this asset and dividing debts may require you to receive assistance from an experienced legal professional. They may offer many suggestions ranging from buying your spouse out of their percentage of your business to structuring a payment plan that uses future earnings from your business to buy your spouse out.
Handling the act of getting married proactively to protect your assets can be an important step to take. However, if it’s already too late, you may still be able to handle the situation to come to a positive resolution.