Protect Your Business in Divorce: What Every Entrepreneur Needs to Know
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Starting a business after marriage can make it a marital asset, subject to division in a divorce. Whether it’s split 50/50 or another ratio depends on the court’s decision. If you’re facing this situation, it’s crucial to get a proper business valuation and set up a buy-sell agreement to protect your interests. Make sure you have the right firm to guide you through this complex process.
if you start a business after you’re married it can be argued that the entire business is the marital asset what do that mean the business could be split 50/50 it could be split 7030 it could be split 8020 it really depends on what a judge or jury would determine but if the marriage does call for the business to be split up or if a judge does decide to split up the business then if one party want wants to run the business and continue to own the business there would have to be a valuation done and terms put in the divorce decree as to how the other party the nonactive party in the business would be bought out those terms can be very very tricky so it’s best to make sure that you have someone who understands how to value a business and set up a buy sell agreement for that business so that the asset of the business are protected
