People who own businesses and get married in Massachusetts usually believe that their marriages will last years, even decades. However, over time, two married individuals can easily grow apart, leaving them with no choice but to get divorced. Fortunately, company owners can take a few steps to safeguard their property if divorce is inevitable.
First, company owners may be wise to draft prenuptial agreements if they are not married yet, or postnuptial agreements if they are already married. These formal documents can explain how a company owner would like to value his or her company and divide his or her assets in a divorce proceeding. Either of these agreements can help two divorcing parties to achieve a mutually satisfactory resolution and eliminate the anxiety that often comes with divorce.
Of course, in some cases, a business owner gets divorced without having one of the above-mentioned agreements in place. In this situation, the company owner might want to make himself or herself the sole owner of the company. Ideally, the business’s organizing documents should also prohibit the company from being transferred during a divorce proceeding. Instead, the company owner’s future ex-spouse would get cash. Furthermore, it may be beneficial for the company owner to keep personal expenses separate from business expenses.
The divorce process is never easy in Massachusetts, especially when a business is involved. However, an attorney can help a company owner to pursue the most beneficial outcome for himself or herself in light of the circumstances of the divorce. The attorney’s ultimate goal is to make sure that the client’s best interests are upheld during every phase of the divorce proceeding.