The odds are 50/50 that your marriage will go the distance; therefore, a solid strategy is necessary to protect your business assets in the event of a divorce. Get the details you need to know.
It’s a sorry fact that about half of all marriages end in divorce. That fact takes on additional importance for the owners and operators of commercial and residential snow and ice removal businesses whether or not they are in business with their spouses.
Married owners of snow and ice removal businesses often overlook a common reason many businesses fail: divorce. After all, in most states, one spouse’s business can be considered a marital asset or marital property.
When a couple divorces, assets need to be divided and an “ex” could wind up as a business partner or a fight could ensue to keep the operation from being sold to raise cash. Once divorce proceedings begin, a business owner or operator most likely won’t be able to implement the legal maneuvers that, if undertaken in happier times, could keep the business from being sold or landing in the soon-to-be ex’s possession.
