How to Protect Your Assets in a Divorce.
The promise when people are marrying is till death but some marriages do not get there. If you are at the verge of getting a divorce you should not feel like a loser because there are thousands of people across the world who are going through them. Actually, the rate of divorce in the modern world are high. You need to think about your assets when the marriage is on the death bed and not what everyone thinks about your divorce life. The last thing you want is to give everything you have in establishing your business and have someone take it away from you. The problem is that a lot of people are not aware of what they have to do in protecting their assets in matters to do with divorce. You need to review the premarital agreement you made. The truth is that no one marries with the plans to divorce if the marriage is because of love and that means not everyone has a premarital agreement. Even so, this is a critical document especially if they were established prior to establishing the business. You can use the document to show the court that you did all the work in matters to do with the establishment of the business and your partner did not lift a finger.
There are those who will put aside starting the business until they marry and in such cases you still need to be protected. Make sure you get your lawyer to draw a postnup in such cases. However, judges are not always enthusiastic about postnups compared to prenups. You need to demonstrate that your partner was aware of the postnup agreement early in the marriage. Be keen on the contributions the other person is making in helping you grow the business. It will not be that easy for you to determine what is a non-significant or a significant contribution in some cases. If your partner contributed moneywise in the growth of the business then this has to be recorded. You will be trouble if the money you were given was high. Also, note that money will not be the only thing to be considered as a contribution. Even an idea is a big contribution.
If the company you started has employed your partner then you should be prepared for some battle. It doesn’t make sense to say that your partner made no contributions to your business if they are working alongside you. You can just fire your spouse in order to make the process easier for you.