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Approaching divorce when you are a businesswoman

| May 5, 2021 | Property Division |

If you are a Florida woman who owns a business and is considering ending her marriage, there might be concern about what happens to your business. As with any other major decision, it is always best to be informed, so make sure you know everything there is to know about your business and the choices you have in the process.

Preparing for divorce

Even before speaking to your spouse about divorce, you should begin preparing, particularly when you want to protect your business. Part of the preparation includes gathering all documents related to the business, including contracts, a list of assets and debts and worth. Other things to consider as you prepare for divorce include:

  • A professional appraisal of your business
  • When the business was started
  • Who legally owns the business
  • How was the business funded
  • How important it is for you to keep your business or if you are willing to continue sharing ownership with your ex-spouse

Choose the right process for you

Once you are set on going forward with the divorce, you should consider the choices available to you during this process. In some cases, the spouses might not agree on most things and the divorce will be contentious and head to court. Of course, contested divorces can be long and costly. Another option is to do a collaborative divorce, where you and your spouse and your lawyers meet to negotiate a fair divorce settlement and avoid having to go to court. This option provides more privacy as the details of the property division will not be shared in public in court.

As with all journeys, preparing and making a plan for your divorce will help you approach it in a much calmer, clearer manner. This might help you negotiate a fairer settlement and protect your business interests.

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