Protect your startup from the pitfalls of divorce

Are you involved with a business startup? Are you excited about what the future will bring?

If you find yourself in this position, it's hard to think about anything but growing your business.

Unfortunately, this could lead you down the wrong path should something bad happen in your personal life.

For example, a divorce has the potential to negatively impact the growth of your startup. For this reason, it's best to plan in advance. This way, if you do end up going through the divorce process, you don't have to concern yourself with losing some of your share in the business.

There are two problems associated with divorce when starting a business:

-- You could end up losing some of your shares to your partner.

-- The divorce can slow you down, as it takes time and money to make it through this process.

One of the best ways to protect your startup is through the creation of a prenuptial agreement. With this, you can make it clear that your business will not be divided in the event of a divorce. As long as your partner is willing to sign the agreement, you should be able to grow your business with a clear mind.

As exciting as it may be to start and grow a business, it can be just as frustrating to face the divorce process.

While you hope your marriage lasts forever, you never know what the future will bring. This is why you need to take steps to protect your startup. You don't want to lose your spouse and your business in the event of a divorce.

Source: Forbes, "If Love Goes Wrong, Here's How To Protect The Heart Of Your Startup," Samantha Drake, Feb. 14, 2017

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