Law Offices Of Sheara F. Friend

Call us for a consultation
978-464-1071
To our clients and colleagues:
We want to assure you that our firm remains open and fully operational during this time, while implementing safety measures related to COVID19. Our attorneys and staff are working remotely with full access to the tools necessary to continue working and serving our clients, and we are monitoring the evolving changes put into effect by the courts. We remain fully accessible by telephone and email and have added video conferencing capability.
The health and safety of our staff, attorneys, clients, and the community at large are of the utmost importance to us. We are closely watching all updates from the CDC, the WHO, the White House, and Massachusetts government and health agencies to ensure we are taking every measure to do our part in preventing the spread of COVID19. This is a rapidly changing situation and we will provide updates on any steps we need to take in response to emerging circumstances.
Please do not hesitate to contact us should you have any questions or concerns, and please take all precautions to keep yourselves healthy.

Have you taken steps to protect your business during divorce?

Have you taken steps to protect your business during divorce?

Home » high net worth divorce » Have you taken steps to protect your business during divorce?

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.