We read about it everyday in the newspapers, a powerful CEO or business owner is getting a divorce and millions are at stake. The media spends hours analyzing who will get the upper hand, make predictions about what will happen to the company, how stockholders will be affected, and whether or not people should hold onto the stock or sell. And while most business owners don’t have articles written about them in the newspapers, they can still learn some lessons from the magnates of business and the consequences of their NY divorces.
The liabilities of business ownership and divorce
Whether you have a large, booming business or a small going concern, it is important to understand how a divorce can impact your business. Many business owners discover, often too late, that they may:
• Lose their business entirely
• Be forced to sell
• Have to transfer a significant portion of the business to a spouse
• Be forced into early retirement
• Experience a sharp decline in the value of their stock
• Feel forced to make drastic or risky business decisions
Depending on your situation, you may find you no longer have control of the business you worked so hard to build.
Prenuptial and post-nuptial agreements can protect your business interests
Prior to marriage or even during a successful marriage, business owners may not consider what could happen to their businesses, pensions, benefits and, assets should things take a turn for the worse. By having a prenuptial or post-nuptial agreement in place you can ensure that your business interests are protected and that matters of property, assets, and benefits have been determined, should a divorce occur.
Discuss prenuptial agreements with an experienced NY divorce attorney
An experienced NY divorce attorney can help you draft a prenuptial or post-nuptial agreement that is fair and protects the interests of both parties. To learn how a prenuptial or post-nuptial agreement may help protect your business, talk to a New York divorce attorney today.