How to Protect Your Business and Personal Finances During a Divorce

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The breakdown of a marriage is a painful experience that can make it difficult for both parties to concentrate on the technical aspects of the divorce. This step cannot be ignored and the sooner the parties attend to these matters, the easier the proceedings will flow. One of the most important things to take care of is a prenuptial agreement, but it’s not the only step to take to secure assets during a divorce.



Change the Information with the Relevant Parties

According to divorce attorney Katherine Grier, there are a few steps to take immediately. These are:

·         Parties are recommended to separate their bank accounts and postal delivery addresses as soon as possible.

·         Joint credit is a risk and should be closed as a matter of urgency. Both parties should establish their own line of credit.

·         Each party is tasked with the responsibility of compiling their own lists of assets and liabilities.

·         In order to protect personal information, account passwords including email accounts should be changed urgently.

Inform Suppliers and Customers of the Changes in the Business

If an estranged spouse used to be part of the business, it’s important to let the relevant business contacts know that they are no longer part of the business. This is to safeguard future orders and payments and not to disrupt project flow. Things might get a little bit tricky if the estranged party decides to open a competitive business nearby. When this is the case, discuss the options of a restraint of trade with an attorney.

Keep Things Amicable and Friendly

There are no winners in a divorce and the best way to deal with the harshness of the situation, is to keep a level head and not overreact. There will be losses on both sides whether there is alimony or not. Keep all records and information on hand to ensure that the proceedings proceed fairly and without prejudice. A good attorney will also ensure that all boxes are ticked and the presiding judge will do the rest. For the sake of future relationships, especially where children or mutual friends are concerned, it is advisable to avoid arguments.

A divorce should be the final step in the dissolvement of a marriage after all other avenues have been explored. Counseling and marriage courses do a lot to rekindle old flames. When these are no longer an option, it’s advisable to find the best attorney the parties can afford.