The Quitmeier Law Firm of Kansas City

A full-service law firm serving the Kansas City Greater Metropolitan Area. Our clients come first.

  • Facebook
  • LinkedIn
  • Twitter
  • Home
  • Our Attorneys
    • William M. Quitmeier
    • Andrew A. Payeur
    • Nicky P.E. McNeil
  • Practice Areas
    • Accident or Injury and Worker’s Compensation Law
    • Business and Corporate Law
    • Criminal Law
    • Family and Divorce Law
    • Real Estate Law
    • Traffic Law
    • Wills, Trusts, Estate and Probate Law
  • Testimonials
  • Resources
    • Online Resources
    • Glossary of Legal and Financial Terms
  • Contact Us
  • Payment Portal

Protecting Your Business During a Divorce

You’ve invested endless energy and money into your business, and now you fear that your spouse will take your life’s work away from you. Whether you own your business independently or jointly with your spouse, now that you have made the decision to divorce, you need to take steps to protect your business.

The divorce of a business owner can lead to uncertainty and instability in a business. For businesses owned by married couples, divorce can be destructive to the business if both spouses are vital to its operation and can no longer work together. However, even the non-owner spouse of a business owner may have rights in a divorce that can be damaging to the business.

Many business owners have no plan in place for their business in the event of a divorce. Planning ahead of time by having a prenuptial agreement is the best way to avoid uncertainty in the event of divorce.

However, even if you have no prenuptial agreement, there still are steps you can take to protect your business:

Obtain a favorable valuation: Arrange for a business valuation on your own. Valuations often vary widely, so you should find one that favors you.

Reduce your spouse’s role: If your spouse is working for the business, take steps to reduce their role and make their efforts seem unimportant to the business.

Pay yourself a competitive salary: Business owners often take a reduced salary in order to grow the business. If a divorce is imminent, this will cause the value of the business to seem higher and therefore your spouse’s share will be higher.

Employ creative methods to pay off your spouse’s share: You may be able to keep the entire business if you are willing to give up other assets like retirement accounts and the family home. If you need to buy out your spouse’s share of the business, you could arrange for monthly payments over time from the business’s profit or from a bank loan.

Consulting an experienced Missouri divorce attorney will help you protect your business through even the most difficult of divorces.

Filed Under: Business and Corporate, Family and Divorce Tagged With: business, division of property, divorce, prenuptial agreement, separate property

The Quitmeier Law Firm is adept at navigating the complex legal areas of probate, divorce, DUI. wills,trusts and real estate law. Contact us and see how we can help you.

Search Our Site:

Select Legal Topic:

The Quitmeier Law Firm represents our clients with integrity, ethics, and expertise
to provide the resolutions our clients need and have come to expect. We treat you like we would want our relatives treated.

The choice of an attorney defines the outcome of your case.

Contact Us Today
  • Facebook
  • LinkedIn
  • Twitter

Easy Access I-29/Tiffany Springs exit

The Quitmeier Law Firm. Serving Platte, Clay and Jackson Counties with integrity.

Conveniently located just off I-29 at the Tiffany Springs exit.

Copyright © 2021 ·Quitmeier Law Firm ·

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Use of the web site does not create an attorney-client relationship.