According to the U.S. Census Bureau, approximately 20 percent of all businesses in the United States are now owned by women. While the 2.8 percent increase from the previous year might be considered a win for gender equality, female business owners still face serious risks if their marriage ends in a divorce. Learn how to protect your enterprise during an Illinois divorce in the following sections, and discover how a seasoned divorce lawyer can assist you with the process.
Divorce Risks Often Higher for Female Business Owners
While any business-owning party can be at risk for extreme financial loss during a divorce, the overall risk for female entrepreneurs is significantly higher. Part of this could be because men are more likely to protect their companies, as they have been advised to do so for decades, but other factors play into this increased risk as well. For example, women are more likely to be the victims of domestic and financial abuse. They may also be less likely to envision their company as successful (until it actually is). Women are also less likely to initiate a prenuptial agreement, even when they have a substantial amount of wealth before their marriage.
Protecting Your Business During an Illinois Divorce
Ideally, female business owners would take proactive steps to protect their businesses, long before divorce ever becomes an issue (usually with a prenuptial or postnuptial agreement). Unfortunately, such agreements are no longer an option once the proceedings start. Instead, female entrepreneurs must then rely on other measures to protect their business, such as: