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Yes, you can save your business from your divorce

As a business owner facing a divorce, you have some very tough decisions in front of you. The good news is that it is possible to keep your business intact through your divorce, but the less pleasant news is that doing so usually requires making some very serious sacrifices.

If you and your spouse are divorcing on relatively amicable terms, you might consider presenting them with a postnuptial agreement that allows you to keep the business without having to divide it up in the divorce negotiation. However, in the absence of this possibility, you must prioritize the business over virtually all other assets if you hope to save it.

Saving your business will likely come down to keeping it as separate as possible from your personal and family finances, and sacrificing other assets in its place, such as real estate or investment accounts. If your spouse has any involvement in the business, you must end that immediately — this means firing them if you have to.

Furthermore, you must make sure that your personal finances do not co-mingle with your business finances, such as using your equity to fund the business, or borrowing from the business to pay for a personal vehicle.

You may also need to have your business professionally valued. Once you know exactly what it is worth, you can more accurately fight to keep it.

It is always wise to approach the negotiation table with a strong advocate at your side. With the guidance of an experienced attorney, you can effectively negotiate with your spouse using your other assets to ensure that your rights remain secure and your business remains intact.

Saving your business from your divorce is rarely simple, but it is often an excellent way to rebuild your life and your future in a fresh season after your divorce finalizes.

Source: Inc., "How to Protect Your Business in a Divorce," Entrepreneurs' Organization, May 25, 2017

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