Many business owners may put significant time and effort into creating a successful enterprise and they may feel it vital to take measures to safeguard the longevity of their endeavors. However, it might not always be possible to tell what the future will hold. Business owners in Pennsylvania who are facing a divorce might have questions about the role their business assets might play in this process and on how best to prepare to protect the future of the companies they worked so hard to build.
Addressing Ausiness Assets
One of the first factors to address may involve determining whether businesses assets are separate or marital property. Factors that might influence this aspect may include whether one started the company prior to marriage and whether one’s spouse played a contributing role in the growth and success of the endeavor. If the business is a premarital asset, addressing factors such as the presence of a prenuptial agreement may also be vital to preparing for the subsequent process.
In business partnership arrangements, addressing topics such as buy/sell agreements could also prove imperative. If a spouse is entitled to a portion of business assets, knowing one’s options and how to properly value such assets may be essential to understanding what is on the line. For instance, one may have the option to buy out the other party’s interests or relinquish possession of other marital assets in exchange. While it might not seem favorable, sometimes selling a business and dividing the proceeds may prove the best path and one might be able to use these proceeds to start a new company.
Dissolving A Marriage
There may be various essential factors to consider when facing a divorce as a business owner. Those who encounter similar challenges and remain uncertain of their options could benefit from speaking with an experienced attorney for guidance in preparing to make informed choices about what is best for their futures. An attorney can help a client better understand what to expect from this process and assist in preparing to seek the best outcome possible regarding his or her wishes and needs for the future during divorce proceedings.