During any divorce, it’s vital to make a complete accounting of all assets owned by the couple to divide them fairly. If you own a small business in Texas and are considering divorce, here are some important things you should know about getting a high-asset divorce.
Saving money in a divorce
Using wisdom when organizing a small business or establishing a prenuptial agreement can protect entrepreneurs during a high-asset divorce. However, many couples find that hindsight is 20/20 when it comes to the money they had to spend in a divorce. All business owners, including those who are happily married, should think about exit planning to preserve their finances.
It is important for business owners to consider how much of the business they own compared to the other business partners and whether their spouse is an official business partner with their own shares. Business owners should also consider how much their spouses contribute to the company and how business partners will handle professional changes in the event of a buy-out agreement.
Getting a forensic accountant
Individuals who are involved in a high-asset divorce may want to consider hiring a forensic accountant. These accountants can help people uncover hidden finances in divorce settlements, and they can be beneficial to people who own their own companies.
Working with a forensic accountant can help you recover the capital assets you gained before the marriage and efficiently separate your personal and business assets. The accountant can also work with your soon-to-be-ex if he or she works for the business; this ensures that each party receives fair compensation.