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Considerations for a female business owner who’s divorcing

On Behalf of | May 3, 2021 | Divorce

Going through a divorce in New Jersey can be a stressful and emotional time. Considering that, things can be even more traumatic when a divorce might place the future of your company in jeopardy. Fortunately, things don’t have to feel so daunting. Instead, follow these tips for the female business owner that’s going through a divorce.

Valuate your company

Many business owners have general ideas of how much their companies are worth. With that said, during a divorce, you need a concrete valuation. To solve this problem, consider hiring a professional to provide accurate information about your company’s worth.

Research the formation and funding of your business

When it comes to your company, you might not have to worry about a property division during a divorce. For instance, starting a company before you got married might mean that your ex-spouse has no claim to it. It’s also important to research whether or not any marital funds went into your business. If this also didn’t happen, it’s unlikely your ex-spouse has any rights to your company.

Consider a collaborative divorce

If it looks like your business will be at stake during a divorce, it might be time to collaborate with your ex-spouse. A collaborative divorce is a type of alternative dispute resolution. The goal of a collaborative divorce is to fairly divide assets between a divorcing couple.

It’s understandable to feel the need to protect your business while going through a divorce. If you want help protecting the future of your company, it could be beneficial to contact a divorce attorney. With an attorney’s help, you might not have to worry about dividing your company with an ex-spouse.