Colorado business owners who are married generally don’t think that their marriages will come to an end. However, it is important to have a plan in the event that a divorce takes place. This is because the end of a marriage could have implications for the company as well.
The issue of what happens to a company in a divorce could be resolved as part of a prenuptial agreement. The agreement could state that the company is separate property or that its value prior to the marriage is separate property. It could also call for one party to buy out the other if a divorce takes place. Keeping good records may establish that a company was owned by one person and that it was run with money held outside of the marriage. Owners should plan for having their income adjusted to a fair market rate for the purposes of a divorce settlement.
A spouse who works for the company owned by the other should also be given a salary that compares favorably to current market rates. Doing so may prevent that person from seeking a higher stake in the company in settlement talks. As with other records, all salaries or compensation given to a spouse should be clearly documented.
People who need help structuring a divorce settlement may benefit from meeting with Greenwood Village, Colorado, divorce attorneys. An attorney could help to negotiate a settlement that allows a client to obtain a large share of marital property. This may allow the client to maintain a reasonable lifestyle after a divorce is finalized. Attorneys may also review prenuptial or post-marital agreements to determine if they are valid.