If you’re considering separating or have separated from your spouse but have a business together, there are some things to consider.
We have put together things to consider to protect your business and assets during a separation.
- Seek legal assistance: It all begins with consulting a family law specialist. An experienced attorney can guide you through the legal intricacies, ensuring your rights are protected. They will offer expert advice on the division of assets and liabilities, including your business.
- Future proofing: What do you want for the business in the future? It’s important to work collaboratively with your ex-spouse to determine any buyout, payout, or selling.
- Business valuation: Determining the accurate value of your business is crucial. A professional valuation ensures that the division of assets is fair. It’s essential to know what your business is worth.
- Legal documentation: Properly document any agreements, changes in business ownership, or financial arrangements. This can prevent future disputes and help you safeguard your business.
- Financial security: Understand the financial implications of your decisions and seek a financial advisor’s guidance for your future.
- Emotional support: Separating from your partner and business can be emotionally challenging. Remember to rely on someone you trust to support you through this time.
- Protect information: Secure your financial information and documents. Change passwords, restrict access, and ensure the confidentiality of your business data.
Remember that the specific steps to protect your business and assets will depend on your circumstances.
Working with a family law specialist, like Kin Lawyers will help you navigate this, ensuring your business remains secure and your interests are protected.
Book a 15-minute consultation.
