How to Protect my Business During a Divorce in New Mexico?
A lot of work goes into opening a business and no one understands the blood, sweat, and tears that go into it like a business owner themselves.
What can you do before a divorce?
One of the best ways you can protect any assets during a divorce is to take preventative steps. Having a pre-nuptial agreement in place prior to being married can save you a world of pain in the long run. If you don’t sign a pre-nuptial before you get married, you can still get a post-nuptial agreement after you are already married.
More ways to protect your business
A few additional steps you can take to protect your business. Pay yourself a competitive salary instead of collecting all your profits. Additionally keep your business account, personal account, and joint account separate, using only YOUR personal account to reinvest into the business. This will help your business to be considered separate property. New Mexico is a 50/50 state, meaning that each partner has equal ownership in anything considered marital property. Ensuring your business is considered separate property is crucial.
What can I do if I don’t have a pre-nuptial or post-nuptial agreement?
Hindsight can be 20/20 however, hiring a great divorce lawyer can make all the difference for your business and future. New Mexico Legal Group’s team of highly skilled attorneys are experienced in developing a strategy that will help to get you through your case in the best way possible; with the best outcomes, lowest cost, and least amount of emotional stress. With locations in both the northern or southern part of the state we provide divorce and family law services throughout the state. Let us guide you through a divorce without the drama, without costing you a fortune, and without ruining your family. Submit a free case evaluation today or call us at 505-405-8469.