${site.data.firmName}${SEMFirmNameAlt}
615-896-4154 800-673-1947

Family business and divorce: You need protection

As the owner of a family business, you may have some concerns about moving forward with the divorce process. Most importantly, you're concerned that you could lose some or all of your business in the split.

While this is a valid concern, you need to keep one thing in mind: There are steps you can take to protect your business. You simply need to think one step ahead at all times.

Here are some tips to follow:

  • Ask your soon-to-be spouse to sign a prenuptial agreement before you tie the knot. With the right approach, this can keep your family business out of a future divorce.
  • Use a trust to protect a future generation from losing the family business as a result of divorce.
  • Continue to run the business with your ex-spouse. This may not be the ideal situation, but it's often the best way for both people to get what they want from the divorce.
  • Buyout the other party. Your ex-spouse may be open to a buyout, as this allows him or her to receive money for his or her portion of the business, all the while removing him or herself from future obligations

These are just a few of the many things you can do to protect your family business in the event of a divorce.

If you find yourself going through a divorce and wondering what will happen to your business, don't hesitate to learn more about your legal rights. When you make the right moves at the right time, you'll find it much easier to avoid a situation in which you lose some share of your business.

Source: MarketWatch, "How to protect your family business during a divorce," Daniel Thompson, accessed Nov. 14, 2017

No Comments

Leave a comment
Comment Information
  • Rated BestLawyers Of America Since 2007
  • Criminal Trial Lawyers Association | CTLA
  • National Association Of Criminal Defense Lawyers | NACDL
  • National Academy Of Family Law attorneys | NAFLA
  • The National Trial Lawyers | Top 100
  • TACDL
  • Tennessee Bar Association | TBA
  • Super Lawyers | 2018
Email Us For A Response

How can we help you

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Murfreesboro Office
302 North Spring Street
Murfreesboro, TN 37130

Toll Free: 800-673-1947
Toll Free: 800-673-1947
Phone: 615-896-4154
Fax: 615-896-4152
Murfreesboro Law Office Map

Murfreesboro Office
Mailing Address
PO Box 398
Murfreesboro, TN 37133

Toll Free: 800-673-1947
Map & Directions

Located close to the county courthouse.