If you didn’t sign a prenup before getting married in Pennsylvania, you risk losing your business assets in the event of a divorce. However, there are ways to protect your business even if you didn’t sign a prenup. Here’s what to do if you’re a business owner who’s thinking about filing for divorce.
How can business owners protect themselves without a prenup?
During the property division process, you might be able to protect your business assets by offering your spouse a different set of assets in exchange. For example, you might offer to let them keep the house in exchange for allowing you to keep your business assets. You might also agree to pay out a settlement instead of sacrificing your business shares.
If your spouse does take control of your business assets, you can sell the business to a third-party buyer. This might not sound ideal, but it’s a last resort option if you’re unable to keep the entire business in the divorce. You’ll be able to cut ties with the business and move on with your life instead of dealing with your former spouse.
On a similar note, you can also consider selling your shares in the business and arranging a buy-back after the divorce is finalized. This allows you to get your hands on some quick cash and rejoin the business at a later date.
How may an attorney help business owners with the divorce process?
Getting divorced can be especially hard on business owners. Their business assets might be suddenly up for grabs, and if they can’t take control of the situation, they might lose their company altogether.
A family law attorney might be able to help you maintain control of your business through the divorce. The attorney may help you negotiate with your former spouse and offer different assets in exchange.
