As a small business owner, you want to protect your livelihood. You have spent many countless hours nurturing your business and transforming it into the thriving source of income it is today. For many people, and especially now as more individuals start to work for themselves, their businesses are their most important and most financially significant asset.
Like many other small business owners in Colorado, you could someday face divorce. No one plans to be divorced, but research shows that up to 40 percent of marriages end in divorce. If the business is included in the financial settlement of the divorce, it can have a big impact on its future profitability. Luckily, there are strategies that you can implement to protect your most important asset.