There are over 11.6 million women entrepreneurs throughout Texas and the rest of the United States. When these women head into a divorce, there are many concerns. Understanding how assets, property and businesses are divided can assist these women in preparing for the road that lies ahead.
Create a list of assets and liabilities
Before you can even start negotiations over the division of assets, you need to know what those assets are. It’s a good idea to list all the different types of assets and liabilities that you have. You should split these into personal and business categories to make the process easier. When you have a list of assets and liabilities to work with, you can actually start to create a plan for dividing particular assets.
Prep your business paperwork
Regardless of whether you solely own the business or you have split ownership with your estranged spouse, you should prep your business paperwork. These will be formal documents like your partnership and operating agreements. The family court judge is going to want to review your business documents to make a decision. Prepping these documents also allows you to review the exact paperwork of who owns the business.
Account for the funding and running of the business
While you may have run your business alone, your spouse may be entitled to partial ownership in some scenarios. You should think back to the beginning of your business. Was it started before you got married or after? Have you used any of your personal property for the business or other marital money to support the business?
Undergoing a divorce is a complex process, and being a female entrepreneur can make the process even more difficult. It’s a good idea to follow the steps above and meet with an attorney to best prepare yourself for your upcoming divorce negotiations.