Divorce Lawyers in Duluth | 3rd Tip to Protect Businesses During the Divorce Process - a podcast by David J. Ward, Esq.

Hi, this is Dave Ward of the Ward Law Firm. We protect business owners facing divorce. We're going to be discussing three tips for business owners to help protect their business through the divorce process.

The third thing that you can be doing in order to protect your business would be, to reduce the amount of cash being held in the business.

There are a couple of different ways of doing this. Probably, the most common one would simply be, to pay yourself a good salary, which sometimes sounds counter intuitive. Your account will probably disagree with this particular thing but if you're facing divorce, there's a good reason for this.

Number one, the valuation of the business often times can be calculated in a number of different ways. But one of the things that's often times taking into account, in most of the message that you could be using to evaluate is, going to be the size of the cash holdings in the business.

So, that can be very very problematic. By removing the cash from the business, that is now an asset that you can have to use to offset the value of the business when you're looking at dividing the assets. So, that way you're able to keep your business intact without having to split, sell off assets, or do anything else that might potentially harm the business.

So, those are three tips that you can use if you're facing a divorce and you're trying to protect your business. If you're interested in learning more, call the information below and we can set up a time to do a Real Case Analysis for you.

I'm Dave Ward from the Ward Law Firm and we protect business owners facing divorce.

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