When two people get married, are optimistic about their future together. The thought of the divorce is not usually a topic of discussion. Nonetheless, statistics have shown that more than half of marriages end in divorce, and being prepared in the beginning and discussing divorce planning options is not a bad idea, particularly when the partnership includes a business.
Most people would find it uncomfortable to discuss divorce at the beginning of a marriage, but it may be exactly what is necessary to protect yourself in the event the marriage does not work out. Some people would consider it prudent planning. In a recent article put out by the National Federation of Independent Business (NFIB), creating a valuation formula with your accountant could save your business if you divorce.
Going through a divorce can take an emotional toll on a person. It represents a great loss for some people. Some couples decide to divorce but remain in business together. However, many decide to split on both accounts. For a person who has worked hard to build a business it could be devastating to lose it due to divorce.
The NFIB suggests executing a plan in the beginning. Establishing operating agreements and provisions that would protect your interest should a divorce happen is advised. One way to do this is having a prenuptial agreement that establishes up front what percentage would each person receive. In the case where two people formed a business after marriage, a postnuptial would be appropriate.
It may be an uncomfortable topic at first because either spouse may misinterpret the reason for planning in advance. Nonetheless, to protect both parties the topic is necessary for many Illinois residents and others. Call to have a consultation with an Illinois family law attorney. He or she can provide valuable information to help you protect your interests and the interest of your children.