Weather a divorce
As with most things, the best way to avoid catastrophic damage to your business through a divorce is by proper advanced planning. Amongst other things, this would involve (where possible) a pre-nuptial agreement, together with a trust. The unromantic nature of a pre-nuptial agreement, however, means that it is seldom employed. This is short sighted. In my experience, a properly framed pre-nuptial agreement can be an expression of a couple’s love one for another. This is particularly true in second marriages. Should you enter a divorce with your business completely unprotected, as most due, you are not without options. Too often business owners try to “hide” assets, cash flow and the like to protect the business. In my experience this generally fails, particularly when the matter goes to court for a judge to decide. Generally, it is far better to paint an accurate picture of the business and the limits of what it can sustain financially and still thrive. From this perspective you can often get creative with opposing counsel to develop solutions that comply with the law concerning issues such as child support, alimony and property division without destroying the business. There is no way around the financial disaster that divorce is, but you can minimize the damage with the assistance of someone who understands business and the family law system. If you need help in this regard, call 802-485-5595 in Vermont or 915-988-2450 in Texas.