If your marriage reaches a point at which divorce is the best thing for yourself and for your children, then it is for the best that you go your separate ways. However, there are many concerns to address before the divorce process comes to a conclusion.
Entrepreneurs going through a complex divorce have their businesses to worry about when it comes to asset division. Your business is your livelihood, so you need to understand if divorce will split your business in two and what you can do to avoid that fate.
Your business may be marital property
In the state of Indiana, a business is subject to equitable distribution as per marital property laws. This is true even in the case of a business that you launch or acquire prior to marriage. Your spouse may retain a stake in your company following the divorce, or you may choose to liquidate the business and split the resulting finances.
You can take action to protect your business in a divorce
If you wish to keep your company whole and under your sole leadership in the face of an impending divorce, there are steps you can take to make it possible. The best way to accomplish this may be to draft a prenuptial or postnuptial agreement that your spouse is willing to sign. You can also utilize a mediation service that will help you negotiate a compromise in which your spouse receives other assets in the divorce in exchange for their share of the family business.
When going through a divorce as a business owner, there is a very real chance that your company will not make it through intact. If your relationship with your spouse remains amicable, however, you can compromise on a way to continue business as usual.
