By Robert Kornitzer, Esq.
The issue of how a business (even one owned prior to the marriage) can be affected by a divorce, is an issue that touches on a substantial number of couples going through a divorce.
It is safe to say that the best time to begin protecting your business from a divorce is before you get married. Once the marriage begins, the build-up of “marital assets” begins and can have an increasing effect when it comes time to distribute marital assets as part of equitable distribution.
Preparation of a premarital agreement is a popular manner of protecting a premarital business. However, there are other ways of accomplishing the same results, such as shareholder agreements or placing your business in a trust. These, and additional ways to protect your business, will be discussed in future posts.
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