The end of a marriage could have a significant impact on your finances as well as the daily operations of your Texas company. However, it may be possible to safeguard your business against the possibility that you may eventually go through the divorce process. This may be true whether you started the business before or after you got married.
Drafting a prenuptial or postnuptial agreement
Perhaps the easiest way to protect your company against the negative consequences of a divorce is to craft a prenuptial or postnuptial agreement. These documents allow you to clearly define how the asset should be treated in the event that your marriage ends. It can also help to clarify how much the business is worth and if your spouse is entitled to any appreciation that takes place during the marriage.
Increase your monthly or yearly salary
Paying yourself a salary is a legitimate way to take money out of your company. Taking this step can leave less money to be available in a divorce settlement while also making it easier to live a more comfortable lifestyle.
Trade the company for other assets
Your spouse may be willing to take other assets in exchange for allowing you to retain sole ownership of your business. These assets could include a family home, a rental property or anything else that your former partner perceives to be valuable.
An attorney may be able to help you take steps before or during a divorce to protect your company from being taken from you. These steps may include crafting a prenuptial agreement or negotiating a settlement that provides your spouse with other assets in lieu of owning your company. Resolving a divorce in a timely manner may help you focus on your business and its success.