3 Tips from Someone With Experience

3 Tips from Someone With Experience

How to Not Lose Everything in a Divorce.

During wedding ceremonies, people promise to be by each other’s side until death separates them but some do make it that far. If you are at the verge of getting a divorce you should not feel like a loser because there are thousands of people across the world who are going through them. People are no longer sticking around when they feel marriage is not working for them now and they simply move on. What you should be concerned about when you are divorcing is not how people will see you but rather making sure you do not lose your assets in the process. If you have put in a lot of work to build your business, you will not feel okay when someone decides to go away with a big chunk of it. A lot of people do not stop to think about asset protection when they are in love and that is why they are caught off guard in matters to do with asset allocation in times of divorce. You can refer to the premarital agreement for guidance. If you did not make one, there are other options. The agreement is very crucial though in cases where you started the businesses before you got married. You can use the document to show the court that you did all the work in matters to do with the establishment of the business and your partner did not lift a finger.

In some cases, the business might have been established some weeks or month following the marriage. Make sure you get your lawyer to draw a postnup in such cases. Even so, there are some judges who are not fully sold on postnups as the prenups. You need to demonstrate that your partner was aware of the postnup agreement early in the marriage. You should be able to gauge the contributions the other spouse has made in matters to do with the business. When you have to decide the contribution that was significant and that which wasn’t is another matter altogether. If your partner contributed moneywise in the growth of the business then this has to be recorded. If the amount of money offered was high then this is not good news for you. There is much more considered aside money when it comes to gauging the kind of contributions the other party has made. Even an idea is a big contribution.

If the company you started has employed your partner then you should be prepared for some battle. You cannot prove that they did not contribute anything toward the success of the firm if they are employed in it. You need to fire your partner before the matter goes to court.

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