Whether you were the initiator or on the receiving end, facing a divorce can be incredibly shuddery. Even under the best circumstances, divorce is an overwhelmingly complicated process that will bring colossal changes to your life.
If you are a resident of Knoxville, TN, and are looking to hire a lawyer to help with your divorce and protect the family business, continue reading.
With nearly 1719 divorces happening in 2018 alone, the county has one of the highest divorce rates in the country. Despite the high number of divorces, the process can be complex and tricky and send you on an emotional and financial roller coaster ride.
A sense of what to expect and understanding what steps you can take to get through a divorce in the best way possible will save you a ton of grief, effort, time, and money. Get to know how Knoxville divorce lawyers can give you a leg up on what to expect and how to prepare yourself best.
Why Hire a Divorce Lawyer?
Divorce is a very complicated process that impacts you both emotionally and financially, along with your children, family, and friends. If you have given enough thought to file for a divorce or your partner has already initiated divorce proceedings, you may need an experienced divorce lawyer to assist you in proceeding this difficult time while protecting your assets and legal rights.
Did you know that there is a 3.7% divorce rate in Knoxville, TN, in nearly 47% of households run by married couples?
Any experienced divorce attorney will review your specific case and advise you at every step of the divorce process to make sure that the result of your divorce is as advantageous as possible to you and your family.
If you file for divorce yourself, then here are many problems that could arise and cost you a great deal of money down the road if your divorce papers do not properly address all of the issues in your case.
Protect Your Interest in a Family Business
You can always take steps before and during your divorce to protect your rights to the business you have with your partner. Here are some ideas to help you –
Have a Clear Plan
Of course, no one wants to plan to get divorced before their marriage. However, it is always good to have a plan if you have a business in Knoxville with your spouse.
A few legal documents like a prenuptial agreement, buyout agreement, or shareholder agreement can help define what will happen if you are separated from your partner. However, do not sign a contract or agreement without having the document reviewed by an experienced divorce lawyer to protect your legal rights.
In case you are filing for divorce, make sure you hire a topnotch divorce attorney as soon as possible. They can help to value your business in Knoxville and other property and make sure you receive a fair amount of the business in your property settlement. Generally, in Knoxville, you will have to wait for 60 days after the petition has been filed, or 90 days in case you have unmarried minor kids.
You may want to consider hiring experts such as a certified public accountant (CPA) or certified valuation analyst (CVA) to accurately value your property. Knoxville divorce lawyers have a network of qualified experts who can help you.
If you are someone who has a business and is getting married, then it is good news. The best time to protect a business from divorce is before the marriage. A prenuptial agreement in Knoxville can enable you and your future spouse to agree that the business will be considered a non-marital (separate) property and remain in your hand in divorce.
You could also agree that the impact added to the business after the date of your marriage will be considered as marital property. In that case, you would also want to agree on the business’s impact as of the marriage date.
In case the idea of a prenup or postnup makes you feel uncomfortable, consider a buyout agreement, often called a buy-sell agreement. This is a contract between co-owners of a business designed to protect the business (and remaining co-owners) if one of the co-owners dies or leaves. A buyout agreement is always a good idea any time two or more people go into business together.
In the case of a divorce, the buyout agreement could require an ex-spouse who received an interest in the business as part of the divorce settlement to sell that interest back to the other spouse at a pre-set price set by a predetermined valuation method.
If you own a reputed family business and face divorce without having taken any of the strategies listed above, the best possible way to safeguard your business is to get the help of Knoxville divorce lawyers with experience in the division of complex assets, such as family businesses.