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Sep 9, 2021

Divorce For Business Owners in Maryland

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High Assets & Complex Spousal Support Situations Asset Protection for Maryland Business Owners If you are facing a divorce, you are likely concerned about the impact it will have on your financially.  If you are a business owner, you have to think about how the divorce and subsequent asset division will affect you both personally and in your business.  In most cases, Maryland would consider a business owned by one spouse a marital asset, and it’s therefore subject to equitable distribution. Keeping Your Business Safe and Stable Through a Divorce The very best way to keep a business safe through a marriage is to have a prenuptial agreement.  Without a prenuptial agreement, it can be difficult to get a business qualified as individual property.  If the business was started before the marriage, and no marital assets were used to support or maintain the business, that can help your case. Buying Out Your Spouse When your situation will not allow for you to maintain full ownership of your business through a divorce, you may want to consider “buying out” your spouse.  There are a number of ways to do this: Outright pay your spouse’s portion (financing the amount if needed) of the business in cash.  This amount would be negotiated by your attorney, your spouse’s attorney and would need to be approved by the court. Give up some other concession (the family home, a retirement account, etc) in exchange for maintaining full control and ownership of your business (again, this would […]

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