Texas female entrepreneurs tend to have more at stake than most when it comes to the idea of a divorce. While you may be worried about the status of your business after a divorce, you can help to alleviate some of those worries by looking at the facts. When you know what’s headed your way, you can help to construct a divorce strategy that will be in your best interest.
Look back at the funding of the business
When you first started your business, was it before you were married or after? This is one key question to evaluate because it will be how a divorce court will know what to do with your business. If your business was constructed prior to your marriage, your spouse might not be entitled to it. The judge will also look at whether or not you used marital funds to support the business throughout your marriage. If so, your partner will likely be entitled to some of your business as part of your divorce settlement.
Don’t skip a formal appraisal
You may be tempted to skip the step of formally appraising your business. However, this is important to do to determine the actual value of your business. Since this actual value will be used as part of determining other aspects of your divorce settlement, it’s crucial to have the value as accurate as possible. It will take some extra effort on your part to meet with the business appraiser, but the added time will be worth it.
Going through a divorce can be a tough experience for anyone. When your business and livelihood are on the chopping block, it can be extremely overwhelming. By understanding the processes that you’ll need to go through and the likely outcome of them, you can help to better prepare yourself for dealing with a divorce.