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How a women business owner should prepare for divorce

On Behalf of | Aug 17, 2021 | Blog, Divorce

If you’re getting ready for a divorce in Texas, there can be a lot at stake. With that in mind, some women who are divorcing worry about the future of the companies they lead. You can help keep your business protected by following these steps during the divorce process.

Determine if your business could be at stake

Sometimes, business owners nearly drive themselves crazy worrying about how much of a company their former spouse might receive. If you started your business before getting married, it might not be up for division during the divorce process.

Come up with a plan

It’s also important to create a plan. You likely had experience doing this when you started your business. With a plan in place, you’ll have a clear understanding of your company’s assets, debts and overall worth. Having this plan helps ensure no business-related information takes you by surprise. This information can also be extremely handy if you decide to sell your business in the future.

Consider a collaborative divorce

Not every divorce needs to be contentious. If you and your former spouse are on somewhat good terms, a collaborative divorce can help ensure a complex property division and other divorce-related matters go smoothly. Collaborative divorces don’t happen in courtrooms. Instead, this is a type of alternative dispute resolution that takes place with your former spouse and each of your attorneys.

In conclusion, you can utilize several ways to keep your woman-owned company safe while getting divorced. With your business safe, you can focus on helping it continue to grow after the divorce process gets finalized.