Divorce strategies for women business owners

On Behalf of | Jul 28, 2021 | Divorce |

Unfortunately, marriage relationships do not always last, regardless of your own drive and tenacity as a woman entrepreneur. If you’re considering a divorce in the state of West Virginia and you own your own business, there are a few strategies and tips to keep in mind throughout your journey.

Have a plan in place

Getting a divorce does not have to feel stressful, confusing, or overwhelming. Having a plan in place will help provide you with the confidence and self-determination necessary to move forward with each step of the process. Calculate your income, the revenue generated during your marriage, and any other assets and investments you have in your name that may come up during the divorce proceedings.

Consider the ownership and formation of your business

Consider how you formed your company and the type of business you own. Are you operating as a sole proprietor or with an LLC, an S-corp, or a C-corp? Depending on how you originally formed your business, you may have different steps to take when filing for divorce.

Have the value of your business appraised

Rather than attempting to appraise the value of your own business, it is best to work with a professional appraiser who has a well-rounded understanding of your industry as well as your business model itself. This will help ensure you get a fair share if you have to split part of the business with your spouse.

Disconnect your emotional connection

Although easier said than done, disconnecting from the emotional history you have with your spouse is necessary during a divorce, especially when there are business assets and income to take into account. Separating your emotional connection from the devotion you have to your business and livelihood can help to protect you mentally and emotionally as you get through the divorce.

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