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What women business owners should know when going through divorce

| May 4, 2021 | Blog, Divorce |

The National Association of Women Business Owners states that there are more than 11.6 million women business owners in the United States. These business owners generate over a trillion dollars every year. This means that many women are earning just as much or more than their spouses. If you’re a woman business owner in Arizona who is headed for divorce, here are some important things to know about how to protect your business assets.

Make sure you have a plan

You likely put a business plan together when you started your company. You’ll need to use the information from this plan as a template to financially prepare you for divorce. If you think divorce is a possibility, make sure you know all about your company’s net worth, assets and debts. Document everything so that you can provide the right information to your attorney.

Consider the ownership of your company

You should be clear about who owns your business. Check to see if your company is in your name only or if your spouse is a co-owner or business partner. This will affect the way your assets are divided in divorce proceedings.

Make sure you know about funding for your business

Identify when you officially became a business owner to determine if your spouse is entitled to part of your company. This largely depends on if you became a business owner before or after you got married and whether you used marital household funds for business purposes.

Speaking with a family law attorney may give be helpful if you’ve decided to get a divorce. An attorney may assist you in preparing your finances for the impact of divorce to help safeguard your business interests.