If you are going through a divorce and share a business with your spouse, it is important to note that you have options in protecting your business. Keep reading to learn more and contact our experienced Massachusetts divorce attorneys to discuss the specifics of your case and how our firm can best help you. Our firm is dedicated to helping you navigate through this stressful process with ease.
What can I do to protect my business throughout the divorce process?
There are many approaches that you can take to protect your business if you are going through a divorce. If you and your partner are not married, you can draft a prenuptial agreement and state what your wishes are for your business in the event you get divorced. Additionally, postnuptial agreements serve the same purpose and can be used for couples that are already married. Lastly, if you jointly own a business with your spouse, you can draft a shareholder agreement, which serves the purpose of assigning each spouse ownership and interests in the company.
What is marital property?
Equitable distribution means that when a couple gets divorced, their assets will be up for division. Typically, the assets in question are marital assets or assets acquired during the marriage. Additionally, there are “exempt” assets, which are assets obtained prior to or outside of marriage. It is unfortunate that if you are a business owner, your company will most likely be treated as marital property, and will, therefore, be subjected to equitable distribution.
If your business is at stake, do not hesitate to move forward without retaining the services of an experienced Massachusetts estate planning attorney. Our legal team is equipped with the experience and dedication needed to ensure that you and your future are protected. Contact us today to get started.
How will Massachusetts courts determine the value of my business?
Massachusetts courts will weigh several different factors when determining the value of your business. To begin, the court will ask you a series of questions and may appoint a financial investigator to ensure that you are telling the truth. You will also be required to submit various personal documents. These documents may include your business revenue, your debts, your expenses, and more.
Reach out to our firm today to ensure that you are properly submitting all necessary documentation.
Contact our experienced Bristol County firm
For over 30 years, The Law Offices of Cynthia L. Hanley, P.C. has provided quality legal support and representation for clients in Bristol County and all of Massachusetts. Our firm’s experience eases the stress of clients while providing the legal services they deserve. If you need help through a contested divorce, contact The Law Offices of Cynthia L. Hanley, P.C. for a consultation today.