Some Texas women who are business owners earn just as much, or even more, money than their spouses. However, if you’re one of them and you are also going through a divorce, you might have some big concerns about what happens to the business as well as your other assets. There are some things you should know before proceeding with your divorce.
What to do about your business before getting your divorce
Even if you are merely contemplating divorce, it’s important to do a few things pertaining to your business. If you choose to end your marriage, these steps will help when it comes time to separate your property and assets and can protect your business. They include the following:
- Create a plan: You need a solid plan if you’re getting divorced. Just as you created a plan when you started your business, you need one now so you can be prepared. It helps to determine whether or how your business is affected. It also gives you perspective into all aspects such as debt, assets and net worth.
- Explore ownership: Looking at the ownership of your company can help when property and asset division occurs during the divorce.
- Consider the starting and funding: If your spouse helped you to start the business, they might be entitled to part of it during the divorce. Often, it depends on whether or not you were already married when you started. Its funding should also be considered when dividing assets.
- Value the business: Determine the value of your business by enlisting a professional to appraise it.
- Know what you want: Knowing what you want from the business and your divorce is important. You may want to buy your spouse out from it if you want full control or allow them to be part-owner.
- Acknowledge the emotional aspects: Your business may be like your baby. There are emotional aspects to it, which means you may be significantly impacted if you have to split it with your spouse. The best thing to do is separate your emotions from the practicalities during your divorce.
- Consider collaborative divorce: Collaborative divorce may be able to help as it allows you to come to decisions together that work fairly for both you and your spouse.
- Find the right attorney: Finding the right attorney is essential no matter how you proceed with your divorce. You need someone with the right level of experience and who meshes with your personality. The best attorney is one who listens to you.