Since the recession, the number of female-run businesses in the United States has increased at a rate five times higher than all other corporations. Female-owned businesses have also seen the greatest revenue increase over that same time-period (35 percent increase in women-run businesses compared to 27 percent among all other U.S. businesses). Sadly, female entrepreneurs still have a major disadvantage in the business world: In divorce, female entrepreneurs typically assume far more risk than their male business-owning counterparts. Learn how you can protect your company and your financial future with the assistance of a seasoned, competent divorce lawyer.
Is Your Spouse Entitled to a Portion of Your Company?
Not all businesses may be divided in a divorce. Companies that are started prior to the marriage are not typically considered a marital asset, and they may not be divided in the divorce (unless marital money was co-mingled with company funds). However, the owner of the company may still owe their spouse a settlement or alimony if certain contributions were made (i.e. staying home with the children while the owner grew their business), even if the business is not to be split in the divorce. A seasoned attorney can help you determine if your business is a marital asset, and they can assist you in protecting it.