Protecting Your Business During A Divorce
Divorce is a challenging experience for anyone, but when parties who own a business decide to part ways, it can add a layer of complexity that requires careful planning and legal expertise to navigate. Is protecting your business during a divorce important to you? Our dedicated team (of arguably the best family lawyers in Brisbane and the Sunshine Coast) understand the unique challenges faced by business-owning parties going through a divorce and are here to help.
In this article, we’ll explore how to protect your business during a divorce, ensuring that your hard-earned assets are safeguarded and the process goes as smoothly as possible.
Understanding The Value Of Your Business
The first step to protecting your business during a divorce is to determine its true value. This valuation is crucial for equitable distribution during the divorce proceedings. Engage the services of a qualified appraiser to assess the worth of your business objectively. Most professionals who provide these services are accredited in Business Valuation (ABV), and/or are Certified Valuation Analysts (CVA), Accredited Senior Appraisers (ASA), or Certified Business Appraisers (CBA). Our team can help you navigate this process and ensure that all assets, including your business, are properly accounted for in divorce applications.
Creating A Binding Financial Agreement
Prevention is always better than cure. A well-drafted binding financial agreement (BFA), also known as a prenuptial or postnuptial agreement, can go a long way in preserving your business in case of a divorce. It is a private contract that governs your property interests at the end of a marriage or de facto relationship. These legal agreements can outline how business assets will be divided, protecting the business’s continuity and preserving the interests of both parties involved.
Only experienced lawyers with expert knowledge in family law advice should be preparing the agreement. This is to ensure your agreement is legally binding and to ensure you can avoid your BFA being set aside by a court. Therefore, be sure to seek expert legal guidance prior to executing an agreement.
Negotiating An Amicable Settlement
When children are involved, it’s crucial to prioritise their well-being throughout the divorce process. An amicable settlement not only reduces emotional strain on the family but also minimises the impact on the business. We have extensive experience in negotiating fair settlements that consider both the business and the children’s needs. By focusing on cooperation and communication, we aim to reach an agreement that serves the best interests of all parties involved. Book an appointment with one of our law team here.
Budgeting In A Business During Divorce
As business owners going through a divorce, it’s essential to carefully assess your business’s financial health and create a budget that factors in both your personal and business expenses that you both agree on during the separation period. This step is vital for maintaining the stability of your business and ensuring it continues to thrive amidst the challenges of divorce proceedings.
Contact us today for expert guidance and support in drafting legally sound agreements tailored to your specific circumstances to protect your business interests, ensuring a smoother and more secure transition into the next phase of your life. Book an appointment below.
