Barbara E. Keon Divorce Law Blog on Lawyers.com

More than 50 percent of marriages end in divorce. Most of us are aware of this sobering statistic and the looming vulnerability it presents:. Many involved in divorce lose their homes, their family life, and a large part of their personal assets. But did you know that divorce can also mean the end of your business as you know it?

Tales abound of very smart business owners who, suffering either from love or lack of awareness, have failed to protect their business assets from potential claims in divorce court. One way to avoid future legal skirmishes is to be proactive before the fact with a prenuptial agreement After the fact, if the marital knot begins to unravel, arm yourself with aggressive legal counsel and educate yourself on Georgia law and its potential implications.

Equitable Doesn't Mean Equal

An important aspect of our state's divorce law is that Georgia is an equitable division state, not a community property state. Spouses 'Can divide' assets in any manner they think fair. It dues not necessarily have to be an equal division because "equitable" is not synonymous with "equal" When spouses agree to disagree, a court decides who gets what. The court considers factors such as length of marriage, contributions of the parties to the marriage, age, educational level and health of the parties, and causes for the dissolution of the marriage. It surprises many people to learn that businesses and partnerships are among the assets subject to division. That closely held company you've spent 20 years building or that service-oriented partnership you've worked 18-hour days . developing has value, and that value is part of the marital pie, Awareness and planning are keys to protecting these assets from divorce court. 

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