A Nashville woman, Joy, faces financial insecurity during a bitter divorce after allegedly being locked out of the manufacturing business she co-owned with her husband, reducing her income to $2,500 a month while awaiting legal resolution.

Despite being a 50% owner on paper, Joy has lost control and pay from the company, emphasizing the need for spouses in business together to protect themselves legally.

Experts warn that couples who build companies together must plan for the worst-case scenario, with legal agreements like operating or buy-sell agreements crucial for protecting both parties’ interests in case of a breakup.

Leaving a business due to abuse doesn’t automatically transfer ownership, but outcomes depend on legal structure, state laws, and court decisions that may freeze assets or appoint a receiver to protect marital property.

High earners like Joy can face vulnerability when a shared business and marriage unravel simultaneously, highlighting the importance of seeking professional guidance before issues arise to safeguard personal and business interests.

Read more at Yahoo Finance: Nashville woman’s income fell by $17K mid-divorce. Ramsey Show hosts share how to get through a major income loss