Creating a business typically requires a large amount of energy and financial resources. Unfortunately, getting a divorce can put a wrench in existing business plans, particularly if two spouses run the business together. A couple of tips may be helpful for protecting a business in Montana regarding the dissolution of a marriage.
When separating from a spouse, giving up some assets may be necessary to maintain a stake in the business and not have to cede a share of the business to a spouse. For those going through a high-asset divorce, this might mean having to relinquishing the family home or the vacation home, for example. Other assets that may be at risk include luxury vehicles or other high-ticket items.
Other assets that may be negotiable as part of property division include collectibles or retirement accounts, as well as other real estate outside of the family home. The idea of hiding assets may sound tempting. However, hiding assets is illegal and only causes one to lose credibility in court, which may result in the loss of those assets altogether anyway.
Divorce can understandably be emotionally and financially overwhelming in Montana, particularly those with high-value assets, including businesses. However, if two divorcing spouses can find common ground at the negotiating table when addressing the division of marital assets, it may help to achieve a divorce settlement that is beneficial to both parties. If they cannot reach an agreement on their own, a judge will have to step in and make these important decisions for them.
Source: tgdaily.com, "3 Ways to Protect Your Business from Divorce", May 10, 2017