Not only have you just gotten married, but you have also started establishing your very own Massachusetts-based business. Do you know what would happen to your organization if you and your new spouse were to divorce later on? While it may be too late to use a prenuptial or postnuptial agreement, you have other options at your disposal.
See what Forbes recommends to safeguard the hard work you devoted to your company. You do not want to think the worst of your new marriage, but you should protect yourself from every eventuality.
Proper records
Be sure to always keep thorough financial records for your business. It is great if you can show what money you used to start your company and keep it going. Specifically, have you used premarital or marital funds to take care of rent, supplies and the like?
Sole ownership
Being noted as the sole proprietor of your business acts as a protective measure. When you draw up all necessary business formation documents, check to see that they stipulate that your company does not transfer should you and your spouse ever divorce.
Separate expenses
You would do well to refrain from mixing your personal and business expenses. Not only is this good business sense no matter your marital status, but keeping separate expenses also helps when it comes to your divorce settlement.
Market rate pay
Does your husband or wife act as an employee for your company? If so, ensure that you pay him or her the most current market rate for the position. If you do not, you risk your spouse potentially vying for more of a percentage of your company’s value should the two of you split.
While you may be able to predict marketing trends, you cannot definitively predict the course of your marriage. Protect your business, and your peace of mind, with these tips.