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3 Female Entrepreneur Divorce Tips to Prevent Losing Your Business

by TWL Working Mom
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You’ve done everything right as a female entrepreneur. You started off your business without taking on too much debt. Then you exponentially grew your company until it became the major success that it is today. You’ve used Clockspot to track employee hours, generate reports, and correctly bill your clients. Because of your diligence and willingness to work your butt off to succeed, your company is a top players in your industry.

Guess what? Now that you’re about to divorce your significant other, your empire is suddenly threatened. You have the best custody lawyer San Rafael CA has to offer so you know your kids are safe. But you’re very worried about giving up a piece of your business to someone you’re no longer in love with. In fact, you two can hardly stand to be in the same room. So working together for the next 30 years is completely out of the question.

With that in mind, we’ll take a look at tips to help you to keep the company you worked so hard to build intact during and after your divorce. Use this information as a guide if you’re concerned that the health and well-being of your company are about to be threatened.

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Tip #1: Have a Plan in Place

When you started your business you undoubtedly had a plan in place. You didn’t just suddenly wake up one day and decide to sell purple widgets in Tahiti. You took time to create a business plan, followed it religiously, and used it as a guidepost to achieving massive success.

So, instead of completely ignoring your divorce until the last minute, it’s time to take a moment to do your due diligence. Learn everything about your business including your assets, your liquid net worth, and make sure you have paperwork to prove all this. And then give this paperwork to your lawyer so he or she has everything in place for the upcoming divorce proceedings.

 

Tip #2: Know What You Want from Your Divorce in Regards to Your Business

Another way to put this is to start with the end in mind. You may determine that you really don’t mind your significant other getting a piece of the company because now that you’ve looked through all of your paperwork, you’ve determined that the company is a lot more valuable than you originally believed and you’re willing to give away a small piece of the pie.

Without knowing this information ahead of time, you’d possibly fight with your former better half and create controversy for no reason. Instead, always keep the lines of communication wide open and make sure your divorce is as amicable as possible.

You undoubtedly use the top innovative business trends to run your company so successful. Now it’s time to take our advice and consider the things we’ve said to help you get through your impending divorce.


 

Tip #3: Is the Business Completely in Your Name?

How did you set up your company at first? Is your better half an official partner in the company? Or are you the only one listed as the business owner?

If you are the only business owner, you may not have to give up anything. Some women automatically assume they’ll have to give up 50% of their business. But this is definitely not the case. There are other factors like the amount of time you’ve been married, how long you’ve been in business.

Depending on how you answer the above questions, you may be able to keep your business in its entirety. If you are the sole owner and your spouse didn’t really have anything to do, it is possible.

 

Final Thoughts

It’s unfortunate but marriages end in divorce all the time. As a female entrepreneur, it’s up to you to take the necessary steps to protect your business during the divorce proceedings. Otherwise, you might end up giving up a piece of your company to someone you no longer care about or trust. Keep this in mind and contact a qualified lawyer in your community if a divorce is coming.

 

This post contains affiliate links and I may receive a commission, at no additional cost to you, should you purchase through one of my links. Please see my disclosure for more information.

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