When Georgia entrepreneurs have successful businesses and also want to divorce, they sometimes stay in their marriages due to a fear of losing the businesses. There are steps people can take to protect their companies from being divided in the divorce process.
Business owners should begin by getting a clear picture of their plan, which involves valuing their assets and their businesses. A part of this process should include updating the company’s records and making sure to reconcile the accounts. They should then consider whether they want to remain running the business after they divorce. If they do, they should think about whether they are the sole owner of the business or if their spouse owns part of it as well.
If their spouse owns part, the business owner will need to think about whether they will continue working together after their divorce. Determining whether their spouse will get a portion of the business in the divorce will involve looking at when the business was started. If it was started before the marriage, then the portion of profits the business made during the marriage will be important. It is smart to think about what position their spouse will be in in order to better determine areas in which they might be willing to negotiate in order to retain the business in full.
For an entrepreneur, keeping the business may be especially important to them when facing the end of a marriage. By being willing to give up more in other areas, it is possible that business owners will not have to give up any part of their companies. They may want to seek the help of a family law attorney who can assist in negotiating a settlement agreement that can then be presented to the court for its approval.