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Three ways women business owners can get prepared for a divorce

On Behalf of | Mar 29, 2021 | Business Owner Divorce, Divorce

If you own a business in New Jersey, Pennsylvania or elsewhere in the country as a female entrepreneur, you might have to juggle business responsibilities with preparing for a divorce. During this time, there might be a lot at stake regarding the future of your company. With that in mind, here’s how a female business owner can stay protected during a divorce.

Determine if your business is at stake

Did you open your business after getting married? If so, your ex-spouse might receive a portion of your company. It’s important to find out the exact date your business officially began. If you and your soon-to-be ex-spouse were business partners, the court property division process will likely assign your spouse a share of the company unless you offer another valuable asset in exchange for full ownership.

Prepare a plan for your divorce

Being a business owner, you’re likely no stranger to preparing plans. You’ll need to use those skills and experience to come up with a plan for your business during divorce. This means documenting your assets, revenue, debt and other relevant information to ensure that the company is valuated correctly.

Consider a collaborative divorce

Understandably, many people assume that divorces have to be contentious. Fortunately, this isn’t always the case. Depending on the relationship you have with your soon-to-be ex, a collaborative divorce might be an option. This type of divorce involves spouses and attorneys all working to come up with a solution that’s fair to all parties.

As you can see, things can get complicated for a female business owner going through a divorce. If you’re in this situation and your business is at stake, talk to your divorce lawyer about the property division process.