Protecting my hard work, and my ownership stake in my business...

[chikenlittle]

First of all, I am happily married. But I still believe that divorce-proofing my business should be an important part of my financial plan, even if I never need to (or intend to) use it.

My husband and I do not have a prenuptial agreement. I plan to start a business soon. And I want to introduce to my husband the concept of protecting myself from divorce. I don't know how to start this conversation yet. Even if we are happy, I am operating under the framework that this (divorce) can't or won't happen to me/us.

I do not want to put all my hard work, and my ownership stake in my business at risk. More so that my husband will not be involved in the company anyway. He is currently employed and has a good job.

What are my options? How do I go about this? What if he does not agree?
a.) Domestic or Foreign Asset Protection Trust?
b.) Postnuptial Agreement?

When we allocate marital property in a divorce, does it matter that we are from a non-community property state?

Thanks!

 

[Proserpina]

This is something you really need to sit down and discuss with a local attorney.

There are many factors involved, and honestly it's worth a few hundred dollars to know what you're going to be facing.

 

[chikenlittle]

When do I do/apply for DAPTs (Domestic Asset Protection Trusts)? Can it be done while already married? What are the steps? At some point, I will have to consult with an attorney for this. But I need to read up on it too just so I do not start from scratch. Also, what kind of attorney (what specialty) do I look for?

 

[army judge]

You might end up speaking to a divorce lawyer, his.

You might want to rethink this a bit before doing anything.

Your business might fail.

This could be much ado about nothing.

When do I do/apply for DAPTs (Domestic Asset Protection Trusts)? Can it be done while already married? What are the steps? At some point, I will have to consult with an attorney for this. But I need to read up on it too just so I do not start from scratch. Also, what kind of attorney (what specialty) do I look for?