If you own a small business in North Dakota, you know how difficult it can be to start and maintain a successful entrepreneurial venture. The end of your marriage can be a threat to all of your hard work, and you may be wondering how you can protect your small business assets during this difficult time.
Divorce is hard, but that does not mean that you have to give up your small business. While every divorce requires the division of all marital property, there are things that you can do to shield your business from a significant setback. It is possible to emerge from your divorce and move on toward a prosperous and successful future.
What can I do to protect my business?
Many business owners do not see how they can actually protect their businesses before the possibility of divorce even emerges. One way to do this is to draft a prenuptial agreement, but if you did not take that step, it may be beneficial to explore having a postnuptial agreement. When a divorce is imminent, there are a few other things that you can do:
- Know your options: Small business owners would be wise to make the effort to be fully aware of their legal rights and options. From placing business assets in a trust to considering collaboration on a property division settlement, there are options and choices available to you.
- Negotiate and compromise: Litigation is never your only option. With help, it may be possible to work with your spouse on a property division agreement that is workable and beneficial for you and your small business.
As you seek an outcome that allows your small business to have a prosperous future, you would be wise to keep your view on your long-term goals, not just temporary emotions. It is wise not to allow your emotions to drive your decision-making during this complex, high-stakes process.
Continuing business operations
When there is much at stake, such as the future of your business, you have no time to lose in seeking the help you need. Divorce is hard, but it can be particularly contentious and complicated when there are business assets on the line. From the very beginning of the process, you can have a knowledgeable ally advocating on your behalf.
As a small business owner, you are rightly concerned with how the end of your marriage will affect business operations. You have the right to protect yourself, starting by seeking a complete evaluation of your case.