Divorce attorneys and financial planners in West Palm Beach and elsewhere in Palm Beach County agree that it is wise to "Divorce-Proof" your business prior to or during the early phases of your marriage.
Even if you are single or happily married, family law attorneys from Jupiter to Wellington agree that doing so should be an important part of your business plan even if you don't use it. Consider it to be a form of medical/health insurance policy. You hope that you never have to use it, but you will be glad to have it if you come down with a serious illness. You have sacrificed and worked hard to build up your business. Divorce court can destroy or severely undermine and damage that hard work. Business owners should also remember that dissolution of marriage statistics do not favor the unprotected. Fifty percent of first marriages fail and a higher percentage of second and third marriages also end.
Some of the ways to protect your business when divorcing include:
- Prenuptial Agreement: A prenuptial agreement is a contract signed by both parties before their wedding. For parties, it lays out and establishes boundaries for their property rights and spousal support expectations and other issues in the event that their marriage ends. Prenuptials are often challenged when divorcing. Consequently, retain an experienced dissolution of marriage attorney to assist you in the negotiation and drafting of this document to insure that it contains the elements required by local statutes and case law; and
- Postnuptial Agreement: A postnuptial agreement is similar to a prenuptial agreement except that it is usually negotiated, and entered into after the marriage has occurred. It needs to include many of the elements of a prenuptial agreement. In addition, an experienced dissolution of marriage attorney should assist you.
To learn about other techniques to "divorce-proof" your business, please consult the blog entry by Jeff Lanfer, CDFP here or consult with a Board Certified Marital and Family Attorney or Certified Dissolution of marriage Financial Planner.
Visit us online at: www.cjamiesonlaw.com
Board Certified Marital and Family Law Attorney Charles D. Jamieson understands that divorcing is an extremely sensitive and important issue. Thanks to extensive experience and a focus on open communication, Attorney Jamieson adeptly addresses the complex issues surrounding dissolution of marriage while delivering excellent personal service. To discuss divorcing in Florida, please contact The Law Firm of Charles D. Jamieson, call 561-478-0312.