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Things a female entrepreneur should know about divorce

On Behalf of | May 27, 2021 | Property Division |

Maryland’s many female entrepreneurs develop their businesses to deliver necessary products and services to their local communities. If you’re an entrepreneur about to enter into the divorce process, you’ll want to know how to protect your business interests. One of the best things that you can do prior to getting a divorce is to understand what’s likely to happen throughout the entire process.

Recognize that divorce is emotional

One extremely important fact to realize before heading into a divorce is that it can be an emotional process. It’s very easy to fall into the trap of making decisions based on what your emotions are instead of what makes logical sense for you and your business. You need to decide that you’re going to act in the best interests of your business and not let your emotions dominate.

Remember that you may lose some of your business

One of the biggest fears that female entrepreneurs have is that they’re going to lose their business during the property division process of divorce. The reality is that your partner may be entitled to half of your business. It’s best to speak with a lawyer before you start the divorce process to determine whether it’s likely that your spouse will be entitled to some of your business.

By having this knowledge ahead of time, you can help to prepare yourself for the process. Realize that just because your spouse is entitled to some of your business, that doesn’t mean they want it. You may be able to offer them other assets of similar value in exchange for leaving you full ownership of the business.

Going through a divorce can be difficult for anyone. When you throw in having a business on top of the regular issues of divorce, it can be more complicated. Working with an experienced divorce attorney may help you prepare yourself and come up with alternative solutions to try to get the best outcome possible.

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