Many Milwaukee, Wisconsin, residents own a family business jointly with their spouses. Operating a successful business with a spouse is an excellent way to earn an income, but a divorce can change everything.
Tips to help secure a fair business division in divorce
In our experience, it is helpful to know what to expect during property division. For example, if you know that your business is subject to division, you will not feel blindsided when a court tells you that you must share your operations. Knowing what to expect also empowers you to prepare for the process with the tips below.
- If you do not have a prenuptial agreement outlining the handling of your business during divorce, consider getting a postnuptial agreement before filing.
- Get an accurate business valuation to ensure that both you and your spouse will get a fair portion of the company.
- Consider asking a family law attorney to recommend equitable strategies for splitting your business. For example, a lawyer can discuss options like buying out your spouse’s half of the business or trading it for other assets.
When you have a dedicated advocate on your side, it is possible to find a way to protect your company during the business division process. Please, continue exploring our blog and website for more about property division when you own a business.