How to Protect Your Business During a Divorce
2.3 million couples wed every year in the US. Unfortunately, half of them will likely end up in divorce, according to research. Divorce in subsequent marriages is even higher at 67% for the second, and 73% for third marriages.
While we all want a “happy ending” to our marriage, the reality is that it may not happen. And even if it is physically and mentally tormenting, divorce may be the best solution to a dwindling relationship.
But divorce itself is another painful process. There’s just so much to consider – the kids, your properties, your finances, and your business which is your most valuable financial asset.
Divorce proceedings are also very expensive. From filing the petition to getting settlements, divorce can cost you $15,500 on average. Of course, the cost shouldn’t hold you back from ending an unhealthy marriage. You can always find financing help, such as payday loans online for divorce costs.
How to Protect Your Business from Divorce
You know it – it’s never easy to put up a business. It takes blood and sweat. You most likely spent countless hours and sleepless nights creating a perfect business model and spent most if not all of your savings to it. Little you know, once you file for a divorce, your spouse may be entitled to as much as 50% of your business. That hurts, especially when you’re the only one who worked hard for it.
Perhaps the last thing you want to happen is for your former spouse to become your business partner. So how do you protect your business against the consequences of a divorce?
Hope for the best but expect the worst
No couple gets married thinking that they will end up in divorce. While you must hope for the best, you should still anticipate the worst possible scenario especially if you have a lot of financial assets. Take note that the business you started prior to your marriage is considered ‘individual property’, not a ‘shared property’. However, any increase in value during the course of your marriage may be considered marital property and therefore can be subject to equal distribution in a divorce. The best way to protect your business from divorce is by creating a prenuptial agreement. It allows you to determine your pre-existing assets and prevent your spouse from any claims over it in the future.
Consult an attorney
Know your state laws concerning valuation and division of marital property during divorce. It always pays to consult a good lawyer to make sure that you understand the bits and pieces of the said laws, and know what to do when the worst-case scenario happens. If you’re already going through a divorce proceeding, the more you will need an attorney who will find ways to protect your business. There are various options to ensure that your ex-spouse doesn’t get a hold of your business even if you lack premarital agreement and your lawyer should be able to find the best one.
Have your property evaluated by a third-party
Usually, the court appoints a valuation professional to determine the business’s value (which is often based on a 10-year projection of growth or revenue). Such valuation is very important if you opt to buy out your ex’s share in the business. So a crucial step is to hire a third-party organization to ensure the accuracy and fairness of the valuation.
Give up other assets in exchange for full business ownership
In case you don’t have enough money to buy out your ex’s share of the company, you have the option to trade off other assets to gain full business ownership. Such assets may include your other investments, equipment, corporate stocks, and other valuable possessions. Additionally, you may start building your own personal assets as soon as possible especially when you start noticing that your marriage is dwindling. As a precaution, you should be able to raise enough funds to pay a large sum of money or make monthly repayments to your ex so you could have full ownership of your business.
Remove his involvement in your business
Did you know that the amount of time your spouse spent in helping you build your business can be used to justify his/her share in your company? It doesn’t matter whether your spouse is holding a minor role in your company. Removing his/her involvement is one of the best ways to protect your business against divorce claims.If you want to protect your business against the devastating consequences of divorce, consider these steps. Your business is one of your most valuable financial assets. It took you blood and sweat to build and grow your company. The last thing you want to happen is to see your business fall into the hands of your ex-spouse after your divorce.
Top 10 list for small business ideas in 2019
Almost 7 out of 10 people want to open their businesses rather than doing hard job. In job, you earn a limited amount of money while in your own business, you can generate hundreds and thousands of dollars in a month or even in 14-15 days. Therefore, the business has its own fan base that is bar more than the jobs. If you also want to open your own business, then you must be skilled in some sector. Like if you want to open your software house, then you must have experience in managing and directing department. Other than this, there are hundreds of businesses that you can start to earn money. Some of the most popular and easy ones are mentioned here for the readers.
Why everyone want to establish their own business?
Yes, it is a common prescription that everyone wants to open their own business rather than doing jobs for others. In jobs, you can earn a limited amount of money whereas in the businesses you will be able to earn money according to your hard work and efforts. Therefore, you must also go with the flow. Start your business today and earn money according to your efforts and desires. For more information, view here.
Popular businesses to start in 2019:
There are hundreds of businesses that you can start in the year 2019 but the best ones are available here for the readers. You can generate handsome amount of income from these ideas if you have skills related to them. All professional businesses require some sort of skills. If you want to become a professional in any one of them, then don’t be late in getting related skills.
- Be a graphics designer
- Be a content writer
- Make your own website
- E-commerce store is also good:
- Photography business
- Food business will also work
- Open your small gym
- Be a tutor
- Open your small school
- Web designer and developer
Be a graphics designer:
One of the most popular businesses in today’s era is graphics designing. Yes, a graphic designer is highly paid for his/her creative skills. We know that every business needs the advertisement factor. If you will not advertise your products in the world, then you don’t be able to earn money. Therefore, be a designer to create useful ads.
Be a content writer:
The trend of online business is increasing in the world. Therefore, more number of content writers is arriving in the market. Every website needs content for purposeful results. if you will become a content writer, then you will be able to generate hundreds of dollars each day.
Make your own website:
The best way to get income from the Google is to open your own website. There are numerous website niches on which you can work. But be precise in the selection of a versatile niche. If I could say that this is one of the handsome way to generate good amount of dollars, then it will not be wrong.
E-commerce store is also good:
The trend of online selling and purchasing is increasing in the world due to modern technology. Everyone looks to buy things from their homes due to tiredness and other factors. So, starting an e-commerce store will be a good choice. Therefore, start building your own site for the good results.
Photography business:
The other best way to earn money in modern era is to open your photography business. Yes, due to increased trend of fashion, every industry needs a professional photographer to make catchy pictures and other ads.
Food business will also work:
If you want to become rich in less days, then start your food business now. All of us love to eat our desirable food at any cost. Therefore, starting your own food business with some good dishes will give you fruitful results.
Open your small gym:
Fitness goals are vital things that every men and women want to get. If you will open your small gym in your area for the fitness purpose, then you can earn handsome amount of money from it. There will be a need of money in the start. But after that, you can generate double amount of money.
The Most Important Questions to Ask an Attorney Before Starting a Business
In a given year, 90% of businesses get engaged in litigation at any given time. And 36%-53% of small businesses get involved in at least one litigation.
You don’t want to think about having to call your lawyer to protect your business. But the truth is, statistically, you’re going to have to call them sooner rather than later.
Don’t wait until you get sued to get in touch. Here are the most important questions to ask an attorney when you’re first starting a business.
How Can a Business Lawyer Help My Business?
A business lawyer covers a wide variety of tasks for a business, advising them on their legal rights, responsibilities, and obligations.
You might not want to contact a lawyer until you’re already in trouble, but the truth is, you should be in touch with a business lawyer way before that. If you contact a lawyer after the sheriff is knocking on your door, all they can really do is minimize damage.
Instead, get in touch with a business lawyer early and ask more about what a business attorney can do for you.
How Should I Structure My Business?
This seems like a basic question, but it’s actually one of the most important things you can ask when you sit down with a business attorney.
The structure of your business isn’t just a formality. It changes how you file your taxes, and it changes your degree of risk.
If you don’t form a formal business entity, your business will be a sole proprietorship or general partnership, which involves a higher degree of risk. To limit liability, you could form a limited liability company, limited liability partnership, or a corporation.
If you don’t know which one is best for your company, it’s vital that you ask a business attorney so that you don’t run into problems later.
How Do I Protect My Personal Assets?
Regardless of the specific structure you choose for your business, you want to structure your business to protect your non-business assets.
How many stories have you heard about a person losing their home or other assets when their business runs into financial trouble? You don’t want that to happen to you.
This is where a business attorney comes in. They can help you make sense of how to protect your assets and the regulations you need to follow to ensure your assets are protected.
How Do I Minimize My Risk?
Regardless of the type of business you own, there is a huge range of state and federal regulations that apply to you.
If you don’t comply with all of them, it can cost you big, everything from fines to employment-related litigation.
Laws and regulations can cover everything from anti-discrimination laws to wage laws and health and safety regulations. As any lawyer will tell you, ignorance of the laws doesn’t excuse not following them.
One of the important things a business lawyer can do for you is let you know what regulations you need to be aware of and what you are legally allowed to do.
What Should Be in My Bylaws?
Part of this process of minimizing risk and protecting your assets involves writing your bylaws properly.
These bylaws are the roadmap to running your business. It tells you what you do and how to do it. It explains how decisions will be made, how to handle ownership changes, how to issue stock, and when and how to run shareholder meetings.
All of this comes with more legal red tape than you might think. A corporate attorney can ensure that your bylaws are written well enough to keep your business safe.
How Can I Protect My Intellectual Property?
All businesses, yours included, need certain trademarks to identify themselves from other businesses.
This can include everything from your business name to your slogans to your packaging. But you need to take the proper steps to protect your business against theft of intellectual property.
To do this, you need to register your trademark with the US Patent and Trademark Office. Businesses may also have copyrights for products, especially if you work in a creative field.
A business lawyer can help you identify what intellectual property needs protecting and how you can properly protect it.
What Contracts Does My Business Need?
Contracts are one of the most basic things you deal with on a day-to-day basis in your business. But they’re central to successfully running a business, as they spell out your responsibilities and obligations in any agreement.
A well-written contract can reduce the number of legal disputes, ensure you get paid, and provide a clear course of action if one party doesn’t hold up their end of the deal.
This is why it’s vital to talk to a business attorney about what kinds of contracts your business needs. You should also ask a business attorney to help write your contracts.
They can help you with one-off contracts and help you draft standard contracts that you’ll use over and over, like employment contracts.
More Questions to Ask an Attorney
Now that you know what questions to ask an attorney, you need to find an attorney to answer them for you.
That’s where we come in.
We help you find the right lawyer for your business, whatever your specific needs are. If you’d like to start using our service, check out our pricing options, or get in touch with any questions you may have.
Know the fact that determines the average lawyer salary
Becoming a lawyer implies you have to complete your college graduation from a law school and also pass the bar exam to get a job. By the process end, you may have student loan debt and so it is best to know an average lawyer salary.
An Overview
According to the 2015 Bureau of Labor Statistics, the median pay in the U.S. for lawyers was $115,820. The lawyer’s hourly pay worked out per hour to $55.69, however many other lawyers’ bill more than this hourly rate services. The qualifications at the entry-level lawyers are enforced strictly. Lawyers must possess a J.D. degree and should be admitted to the bar. The BLS projects between 2014 and 2024, the American workplace featuring number of lawyers will grow by 6% is expected each year.
The fact is that all lawyers do not represent in court for individual clients. There are some working in-house for non-profits and corporations, some work in mediation or arbitration, while some for the government. This also includes lawyers working at huge, multi-national firms or even owning individual practices. Thus the average lawyer salary varies with the position and its relevant demand.
Geography determining the salary
The factors determining the salary of a lawyer includes the geography as well. The national average lawyer salary is stated to be at $106,148 by a salary aggregating site, Glassdoor, but reports reveal that the New York lawyer’s salary as $114,134 and the Kansas City, MO shown by Glassdoor as average is $89,452.
The state that is top paying for lawyers is the District of Columbia. The mean wage annually for lawyers is $174,480. The lawyers who are other high-paying states include New York, California, Delaware and Massachusetts.
The metro area that is top-paying for lawyers is San Jose-Sunnyvale-Santa Clara, CA. Here the lawyers annual mean wage earning is $204,010. Other metro areas that are top-paying for lawyers are: San Francisco-Redwood City-South San Francisco, CA; Los Angeles-Long Beach-Glendale, CA, Bridgeport-Stamford-Norwalk, CT; and New York-Jersey City-White Plains, NY-NJ.
The fact also is that it is not the metro areas alone that pay high salary to the lawyers. Of course, but the highest numbers of lawyers are the Washington-Arlington-Alexandria metro areas. It may surprise you to know the second highest city having concentration of lawyers is Tallahassee, FL. Nevertheless, the other metro areas featuring concentration of lawyers include San Francisco-Redwood City-South San Francisco, CA, Philadelphia, PA; and New York-Jersey City-White Plains, NY-NJ.
Salary Details
As per the BLS of 2015, lawyers earned an average salary of $115,820. The best-paid lawyers received more than $187,200, and the lowest paid received $55,870.
Lawyer’s average annual earned salary is $136,260 in 2015 and this is more than other occupations. The lawyer profession that pays highest is the metropolitan areas of Bridgeport, California, San Jose, San Francisco and Connecticut. Of course, the New York City and Los Angeles also pays exceptionally well. Among all the factors, location was considered to be an authentic factor in determining the income expected as average lawyer salary.
