Divorcing Entrepreneurs: Special Considerations
Divorcing is hard for everyone, especially for entrepreneurs the stakes are higher. Business owners usually have unique financial situations. Here are some things entrepreneurs should keep in mind when going through a divorce:
- Protecting Business Assets: It’s important that as an entrepreneur you protect your business assets. You should review and update any pre-nuptial or post-nuptial agreements about how the business will be treated in the event of a divorce. If these agreements aren’t in place, you should think of creating a buy-sell agreement with business partners.
- Negotiating Settlements: When negotiating settlements, it’s important to consider your personal and business interests. Entrepreneurs should aim for settlements where you remain in control of your business and there is a fair distribution of the assets.
- Keep Finances Separate: It’s important that you keep your personal and business finances separate so that it doesn’t get complicated.
Let me be your financial advocate as you navigate the divorce process. As a Certified Divorce Financial Analyst, CDFA® and female business owner myself, I can help you avoid costly mistakes and educate you on current and future budgets, provide a financial road map, and help you understand what assets you have, what you spend, where you spend it, and more. Don’t let divorce set you back.
You don't have to go through this alone.
Contact me today at 716-800-4290 to schedule your first appointment.