As a business owner, you want to make sure you protect your business operations if you plan to get a divorce. Depending on the circumstances, you could face having to share a certain portion of your business with your ex following your divorce.
Indiana is an equitable division property state, which, according to the Legal Information Institute, the court will try to fairly allocate property between spouses during a divorce based on a variety of factors. Some of these factors may include each spouse’s contribution to the property, how long the marriage lasted and the value of the marital property.
Look over the prenuptial agreement
Before discussions about the property division process begin, look over your prenuptial agreement, if one exists. Ideally, you and your spouse should have talked about how to address ownership and control of your business before getting married and included this information in your prenuptial agreement.
Learn what your spouse wants
If your business will be subject to equitable distribution laws, ask your spouse whether he or she wishes to maintain any sort of ownership interest or play a role in the business. How your spouse replies to these questions could guide your strategy when it comes time to divide your marital property and your business.
You may want to start considering which marital assets you would be willing to concede if you desire to maintain sole ownership and control of your business after your divorce concludes. Knowing which assets you will negotiate with before proceedings begin may help you hold onto a larger portion of your business and its worth.
