Business owners often put their hearts and souls into their companies and hope that they will grow into successful ventures. Many Louisiana residents may have achieved such success but are now fearful that they will lose some of their wealth due to divorce. However, individuals may be able to strategize and approach their property division proceedings in a way that could protect business assets.
People with numerous assets may wish to take inventory of their property and determine what items they feel willing to part with. By knowing which assets could be up for division, business owners may be better able to negotiate their terms. In hopes of maintaining ownership of the company, individuals may wish to offer other property instead.
Because both parties going through divorce can often want to keep the same item, a business owner may need to be willing to part with certain desired property. A house, vehicles, artwork or other valuable assets could act as useful bargaining chips, especially if the other spouse has an interest in those items. If successful, an individual may significantly reduce the amount of a claim an ex could have to the business.
Finding the best route to achieve desired outcomes is often a goal of divorcing individuals. Some parties may have a variety of options they could consider when it comes to retaining ownership of their businesses or other assets. In order to determine the most feasible negotiation avenue, interested Louisiana residents may wish to consult with their legal counsel in order to discuss divorce concerns, goals and strategy ideas.
Source: tgdaily.com, “3 Ways to Protect Your Business from Divorce”, Ian Reading, May 10, 2017