Forbes.com Article: “Divorce-Proof Your Business”
Divorce Financial Strategist, Jeffrey Landers, recently authored an article for Forbes.com regarding divorce-proofing your business, regardless of the status of your marriage. The article includes some great information for business owners – whether you are married, single, about to divorce, etc.
Mr. Landers’ article, “Divorce-Proof Your Business, Even If You’re Still Single or Happily Married,” suggests that business financial planning should be consider a sort of insurance policy. In the same way we ensure our homes, autos, and lives, financial planning for your business should be taken care of – whether or not you think you’ll ever need it.
Mr. Landers’ article discusses a number of possibilities: Prenuptial Agreements, Asset Protection Trusts, and Postnuptial Agreements. Most importantly, Mr. Landers reminds readers that these protective measures should be in place before a divorce is a possibility. He writes, “To be truly effective, these protective methods should be in place long before divorce is a possibility. Obviously, something like a prenuptial agreement needs to be signed before you are married, but techniques such as transfers to an irrevocable trust need to be done years in advance. Depending on your state’s fraudulent transfer laws, transactions can be voided up to seven years after the transfer!” Read the article here. If you are considering divorce-proofing your business here in Kalispell, consider meeting with a financial planner.