New York female business owners who are getting ready to undergo a divorce likely have a lot on their minds. From dealing with property division to figuring out what will happen to your business in the future, there are a lot of aspects that you’ll have to address during your divorce.
Determining if your business is considered a marital asset
Division of marital property starts with determining what is considered marital property and what is considered separate property. When it comes to your business, there are few factors that will determine whether or not it’s considered marital property. If your business was started after your marriage and there was no postnuptial agreement about the business, it’s very likely that the business will be considered marital property. However, in the event that you had the business before you were married and it’s been kept separate from any of your marital assets, it’s likely that the business will be considered separate property.
Get your business valued
If you believe that your business is going to be considered marital property during your divorce, the best thing you can do is get a proper business appraisal of it. This will help you to determine what the actual value of your property is at the point of your divorce. When you have this number, you can start to make alternative suggestions regarding whether your spouse wants any ownership in the business.
Life as a female entrepreneur can be difficult enough, and going through a divorce can be extremely complex when you have a business. The best thing you can do is sit down with an attorney and prepare a plan for protecting your business interests.