The National Association of Women Business Owners asserts that there are more than 11.6 women in the US who own a business. These women generate $1.7 trillion each year and employ almost nine million people across the country. Many of these women business owners make just as much money or more than their spouse. This means that when a marriage ends, women business owners should know how to properly divide their property, assets, or business rights. If you're a woman business owner divorcing in Pennsylvania, here are some important factors to be aware of.
You should have a plan in place
When you started your business, you put a business plan together to help you run your company. It's important to know how your business will be affected if your marriage ends. This means being aware of your net worth, assets, and debts. Document everything and present this information to your attorney once you know divorce is imminent.
Be clear about ownership
You have to know who truly owns your business long before you decide to divorce. If your spouse is a co-owner or business partner, this will affect the way your company assets are divided. Make sure you know where your operation and partnership documents are located so you can present them to your lawyer.
Pinpoint the start and funding of your business
Your spouse could be entitled to part of your business assets if you started the company after you were married. Even if you started the company before your marriage, you may have to share some of the assets if you used household or marital funds to pay for business operations or supplies.
Consulting with a qualified divorce attorney could help you navigate the divorce process and keep your business protected.