Daily Bulletin

  • Written by Australian Family Lawyers


No one ever likes to think of the end of their marriage when things are going well, but when it comes to business you may have to consider it. You have to allow the possibility that it could happen and prepare yourself for it. After all, the best form of protection is preparation for the unexpected – think of it like your public liability, contents, vehicle and product insurance – you’re just protecting yourself again potential risk.

However, regardless of how much you prepare, in reality divorce is something that comes up and slaps you in the face. And that unexpected pain can also have a huge impact on your business – from the entire direction and overall goals of the company through to the day-to-day activities. Ultimately the business can suffer.

So how do you protect your business from the shock of divorce?

Think about a prenup

Not many people know this but a prenuptial agreement doesn’t have to be set in place before the marriage begins. In fact, it can be set in place before, during or even whilst the marriage is ending. Think of it like an insurance policy covering your business and finances.

Whatever stage you’re in, a discussion about a financial agreement is going to be a very difficult one and there are some potential complications with this, especially if you started the business during the course of your marriage. As soon as you start to think about whether this could be an option for you, you should approach a family lawyer for some expert advice.

Try to minimise interruptions

Whether you’re an SME or a Sole Trader working from an office in your home, a separation or divorce could significantly disrupt your business and livelihood. It will be a big change that will more than likely cause disruptions to business continuity, staff morale and reputation. Therefore, you should try to find as much stability as you can to minimise interruptions on the day-to-day operations. Things such as securing a new place to work if you’ve been working from the family home, or making sure you have trusted staff in place to run the business if you have to spend some time away.

Make sure everything’s in order

Many spouses support and contribute to their partner’s business in the early years, especially if hiring staff is not an option. When you’re in the throes of a good marriage this can feel completely natural however, it does make it slightly more complicated if you start to have to divide assets. Try to clearly outline and prove what each of you have contributed over the years because once you start negotiating a settlement, all assets, income, profits and interest earned by the both of you will become relevant.

Get the business valued regularly

Just like a prenup, this can be done at any time and will ensure you’re prepared should you separate. This will help situations where one party wants to buy the other out or both decide to close and sell the business off.

Article provided by Australian Family Lawyers

A Guide to Finance Automation Software

When running a business, it is critical to streamline certain processes to maintain efficiency. Too much to spent manually on tasks can wind up being detrimental to the overall health of the organis...

Daily Bulletin - avatar Daily Bulletin

Top Tips for Cost-effective Storefront Signage

The retail industry is highly competitive and if you are in the process of setting up a retail store, you have come to the right place, as we offer a few tips to help you create a stunning storefront...

Daily Bulletin - avatar Daily Bulletin

How Freight Forwarding Simplifies Global Trade Operations

Global trade operations are becoming increasingly complex due to international regulations, customs procedures, and the sheer scale of global logistics. For businesses looking to expand internation...

Daily Bulletin - avatar Daily Bulletin

How Car Accident Lawyers Protect Your Rights?

In the aftermath of a car accident, the steps you take can significantly impact your financial and legal future. This is where car accident lawyers step into the frame, equipped with expertise to sa...

Daily Bulletin - avatar Daily Bulletin

Solutions Bridging Agriculture and Bulk Liquid Transport

The agricultural industry is heavily reliant on the efficient transport and storage of various liquids, from water and fertilisers to chemicals and pesticides. With farms often situated in rural or ...

Daily Bulletin - avatar Daily Bulletin

The Power of Expertise: How Car Accident Lawyers Help You Navigate the Legal Process

Navigating the aftermath of a car accident can often be as traumatic as the event itself. The disruption it brings not only affects your physical well-being but also imposes significant legal and bu...

Daily Bulletin - avatar Daily Bulletin