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How women entrepreneurs should plan for divorce

Women entrepreneurs in Michigan who are thinking of filing for divorce should start by crafting a plan. This plan should involve the steps that you’re going to take throughout the divorce process. When you have a plan in hand, it will be easier to emotionally tolerate the various aspects of divorce and ensure that you stay level-headed for many important decisions to come.

Start by understanding if your business is marital property

A family law attorney can help you to determine whether or not your business is considered marital property. While each state defines marital property a little differently, a general rule of thumb is that your business will likely be considered marital property. This is unless you had your partner sign a prenup prior to getting married.

You’ll need to get your business valued

You may have a fair idea of what your business is worth. However, it’s best to leave the determination up to the experts. You’ll want to hire a business appraiser to learn what the fair market value of your business is at the time of your divorce. You’ll need to know its value to proceed with the divorce process.

Make a list of marital assets

You should prepare a list of marital assets and liabilities. Be sure to include each one’s value. This will give you a decent idea of how much you and your former spouse will walk away with as you split all of your marital assets. In addition, this will give you options when it comes to buying out your partner’s stake in your business.

While the divorce process can be time-consuming for anyone, having a business makes it even more complex. By starting out with a plan, you can properly prepare yourself for a fast divorce with fewer emotions.