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How can you keep your business free from your divorce?

On Behalf of | Sep 1, 2021 | Divorce

Being an entrepreneur in Ohio can be very rewarding. However, if you are getting a divorce and your spouse is connected to your business, you will want to keep things separate. These tips can help you deal with this issue.

Keep business and family separate

As a busy entrepreneur, you should always be wise. That means you should keep your business and family matters separate, including the finances. Avoid borrowing money from your personal financial account or from your home to buy for things related to your business. This is a good way to start with keeping your business separate in the event of a divorce.

Pay yourself a good salary

You will want to pay yourself a good salary. This can help protect you during a divorce if your spouse decides they want more money from their share of the business.

Fire your spouse

You can fire your spouse from the business to protect the company. Not only will it help to separate your divorce from the business, but it can also prevent them from potentially demanding too much from a settlement. If your spouse is no longer part of the business, they cannot make the argument that they helped to build it.

Sacrifice other assets

You can improve your chances of keeping complete ownership of your business by sacrificing other assets. Sell your home, your vehicle and valuable collectibles. Doing this can ensure that there are sufficient assets available once you and your spouse are dividing assets and property as part of your divorce settlement.

Get a fair valuation

Have your business evaluated by a professional chosen by the court. This professional can also give you a projection of the growth of your business in the future, which can help you to better plan.