If you are going through a divorce in West Virginia, it is important to take steps to protect your business. Many divorcing couples end up fighting over assets, including the business. This can be very costly and time-consuming, but there are things that you can do to protect your business.
Create a postnuptial agreement
If you haven’t already started the divorce process, and you are still on good terms with your spouse, you may want to consider creating a postnuptial agreement. This is a legal document that can protect your business in the event of a divorce.
For instance, the agreement can state that the business is separate property and will not be divided in the divorce. This can save you a lot of time and money in the long run.
Keep good records
It is important to keep good records of your business finances. This will help you in the event that you need to prove that the business is separate property.
You should keep track of all income and expenses, as well as any loans or investments made into the business. This will give you a clear picture of the business’s value.
Get a valuation
If you are unsure of the value of your business, you may want to get a professional appraisal. This will help you determine how much the business is worth and how it should be divided in the divorce – should you decide to take that path. An appraisal can also be used to negotiate a fair settlement with your spouse.
Separate your personal life from your business
Whether or not you have a joint business with your spouse, it is important to keep your personal life and business separate. This means keeping separate bank accounts, credit cards, and tax records. It also means maintaining a professional relationship with your spouse if you own the business together, and making sound business decisions.
Divorce can be a very difficult and stressful time, but by taking steps to protect your business, you can save yourself a lot of hassle in the long run. Follow these tips and you will be on your way to protecting your business during divorce.