When you own a business, anticipating future risk is essential.
Considering the risk of divorce on your business is vital to ensure that the right measures are taken to protect your business against loss.
It might not sound like the most romantic of topics, taking precautions now and planning how finances or assets will be handled and protected after a marriage breakdown can keep the business running smoothly and ensure the outcome of a divorce is that you and your partner want.
Also, don’t use the business account for family expenses, as the court may assume that this is to continue in the future and attribute more income to the former spouse in the settlement. Keeping business and personal spending or bank accounts separate can help keep the business separate to matrimonial assets during a divorce. Its best to have a prenuptial agreement. They are the most effective means of protecting your business from divorce claims.