As a family law lawyer in Windsor, I’ve seen many business owners struggle through a divorce while trying to protect their business interests. Whether you’re a sole proprietor or have partners, it’s important to take steps to protect your business from being divided in a divorce settlement.
Here are a few tips to help protect your business:
- Keep accurate financial records: Keeping detailed financial records will help ensure that your business interests are properly valued during the divorce process. It’s important to maintain separate financial records for your business and personal finances.
- Consider a prenuptial or postnuptial agreement: A prenuptial or postnuptial agreement can be used to clearly define each spouse’s property rights in the event of a divorce. This can include provisions related to the ownership and management of a business.
- Keep your spouse out of the business: If your spouse is not involved in the day-to-day operations of the business, it’s best to keep them out of the business as much as possible. This will help prevent them from having a claim to the business in a divorce settlement.
- Consider a buyout: If your spouse does have an interest in the business, it may be possible to negotiate a buyout agreement as part of the divorce settlement. This can help ensure that the business remains intact and under your control.
- Seek legal advice early on: If you’re going through a divorce and have concerns about the impact on your business, it’s important to seek legal advice early on in the process. A family law lawyer can help you understand your legal rights and options for protecting your business.
At Fox McNevin MacKay LLP we have experience representing business owners in divorce cases. If you have questions about how to protect your business in a divorce, contact us today at 519-259-1820. We serve clients in Windsor, Tecumseh, Lasalle, Essex, Leamington, Kingsville, Belle River, Lakeshore, and throughout southern Ontario.