How Getting Married Can Impact Your Small Business in Yuma, Arizona: A Family Law Perspective
If you are planning to get
married, and own a small business, startup, or are launching a new project that
you hope will someday be profitable, you may want to consider how your marriage
can impact your small business. Schneider & Onofry, P.C. are family lawyers
in Yuma, Arizona who can assist you with drafting a prenuptial agreement that may
be able to protect your business interests. Too often individuals wait until
they are getting divorced to consider protecting their business, and, by this
point, it may be already too late to take protective measures. The best time to
protect your business is by drafting a prenuptial agreement before you get
married. If you are already married and are planning to launch a business or if
you are married and are starting to wonder how your marriage can impact your
business, it is never too late to speak to a family lawyer, like Schneider
& Onofry, P.C. to learn about steps you can take.
Whether you have a
flourishing business you want to protect or have just launched a startup that
has not yet become profitable, it may still be important to protect your
business with a prenuptial agreement. Prenuptial agreements are not just for
the wealthy, but can assist you in a range of situations. If you own a small
business or are thinking of starting a small business, or are planning to get
married, and have questions about how saying “I do” will impact your business,
speak to Schneider
& Onofry, P.C., family lawyers in Yuma, Arizona
today.
Is Your Business Community
Property or Separate Property in Arizona? A Prenuptial Agreement Can Make a
Difference
If you are getting married
and own a business or have launched your startup, you may be wondering about
whether your business will still be yours after you get married. The answer to
this question can be complex. If your business is not incorporated and if you
don’t pay yourself a salary, your business could possibly be considered marital
property should you ever get divorced—even if you owned the business before you
got married. So, if you have a sole proprietorship or are a small business
owner with a closely-held business, you may want to take steps to protect your
business now, before you get married. In some cases, if you get divorced, the
courts may consider any increased value to your business during the marriage
martial property—even if you owned the business yourself before you got married.
This might mean that if you get divorced, you and your partner may each need to
get the business appraised, and then split the value, sell the business, or one
partner could be required to give up marital assets to keep the value ascribed
to the other partner in the marriage. This can get very messy.
One of the best options for
protecting your business, whether it’s a multi-million dollar company or a
startup that has yet to turn a profit, is by signing a prenuptial agreement
before you get married. A prenuptial agreement can make clear who owns the
business. If you and your partner will go into business together, a prenuptial
agreement can also make clear what percentage of the business each partner owns
and what will happen to the business should you get divorced. Schneider &
Onofry, P.C. are family lawyers in Yuma, Arizona who can help you with a
prenuptial agreement that can protect your business. If you have already gotten
married and are just now considering how your marriage might impact your
business, it may not be too late to sign an agreement and take steps to protect
your interests. Contact a family lawyer today to learn more.
When Getting Married in
Arizona, What Can You Do To Protect Your Business?
The best way to protect your
business is to seek the counsel of a lawyer and accountant before you get
married. Every situation is unique and nothing written here should be taken to
constitute legal advice. Schneider & Onofry, P.C. are family lawyers in
Yuma, Arizona who can review your situation, take the time to understand your
goals, and assist you with the next steps.
There are several options you
may have available to you to protect your business. For example, you could
clearly note in your prenuptial agreement that the business is only owned by
you. If you choose this option, you may need to work with your accountant and
lawyer to take other steps to clearly distinguish marital income from business
income. Other couples may choose to share the profits of a business they
co-own, or may agree only to split the business by selling it if they divorce.
These are just some of the options that may be available. Schneider &
Onofry, P.C. are divorce lawyers in Yuma, Arizona who may be able to help you
find solutions.
