Taking risks is intimidating, whether you’re committing to a budding relationship by pursuing marriage, quitting a long-time career to start a business, or all of the above. Some people elect to avoid uncertainties entirely, but the most successful people take precautions instead. The Minneapolis attorneys at KTF Law are prepared to offer legal services and advice if complications do arise.
It can happen to even the best entrepreneurs. Relationships dissolve as you devote time to design, launch, and run something new. Divorce often leaves the ownership of your business in limbo. Top law firms like KTF Law understand how this can seem quite unfair. But if your business grew in value while you were married, that increase is often considered a marital asset to be divided between couples.
What can you and your divorce lawyer do to protect your business in the event of a complex dissolution case?
- Consider a Prenup: This preventative measure can help protect your business long before talk about divorce law. Make sure that your agreement is done in writing and in front of witnesses. Hiding assets is another sure way to invalidate a prenup.
- Maintain Good Records: Keep your family finances and business expenses separate. This is smart practice even if you are not married. Organized documents and up-to-date insurance policies will come in handy in the event of any small business legal dispute.
- Sacrifice Other Assets: As your total assets are added up and divided, think about what is most important to you. If complete ownership of the business comes to mind, don’t have your divorce attorney fight over a house or car that you can more easily replace.
- Get a Fair Valuation: Have the court, not your spouse’s legal service, appoint a professional to make any necessary business assessments. They will remain neutral and not fathom figures that include far-fetched future income projections or try other tricks.
- Pick the Right Lawyer: Find a Minneapolis law firm that is compassionate toward your situation without compromising on quality results. Avoid extra stress with a legal expert who has the proper experience and understands the documents that you need in a divorce.
Protecting your business through a breakup can be scary for everyone involved. Limit risks by relying on legal service from KTF Law. Come in for a free consultation and find a custom solution for your needs today.