Dividing My Business In A High-Asset Divorce

For many business owners in Philadelphia, a business is more than an asset. It is a job, a way of life, and everything you have to show for years of hard work and risk-taking. For this reason, divorce can be a frightening process. Fortunately, there are ways to both protect your business before you even consider divorce and handle it with minimal impact during divorce. We have substantial experience representing business owners. We know how to assist in aggressively litigating business ownership interests in divorce.

Experienced Attorneys Protecting Your Business

At Testa & Pagnanelli, LLC, we know how important your business is to you. We have years of experience helping people in Philadelphia approach a business during a high-asset divorce, and we will strive to achieve a resolution that keeps your business intact and operational.

The way we resolve your business assets during your divorce will depend upon your unique situation, but, in general, there are a few common scenarios for handling a business:

  • One spouse buys out the other spouse's interest in the business.
  • If the divorce is amicable, you and your spouse may continue working together as business partners.
  • Sell the business and split the proceeds.

How To Safeguard Your Business From Divorce

While not everyone thinks of it, it is possible to protect your business long before you ever even consider divorce — and even before you get married. Some good options for protecting your business are:

  • Prenuptial agreement: Creating a prenup may be the best option because prenups, if done correctly, are likely to hold up in court.
  • Postnuptial agreement: While not as good as a prenup, creating a postnuptial agreement that addresses your business is better than having no protections in place.
  • Modifying shareholder, partnership or buy-sell agreements: These agreements are crucial to protecting your interests and those of third-party owners who will be affected by divorce. We have substantial experience drafting such agreements and in drafting transactional documents in connection with the transfer and/or sale of business interests.

Call Us Today For A Free Consultation

To schedule a free consultation with one of our experienced Pennsylvania divorce lawyers, please call our offices in Norristown and Philadelphia at 215-392-0863 or 215-392-0863. You can also contact us online.