If you are a female business owner in Texas whose marriage is struggling, you might be considering a divorce. While divorce is always a complex, emotional process, having a business brings another layer to be concerned about if you decide to end your marriage.
Preparing for divorce
As soon as you begin considering a divorce, you should plan for the process and begin preparing for the negotiations. Your plan should include all aspects related to the business, including:
• Its value
• All assets of the business
• All business-related debts
• Evidence of funding money and time
Part of this plan means gathering evidence, such as ownership papers and proof of how the business has been funded throughout its life, particularly if marital funds have been used to support the business. If your ex-spouse is a co-owner or if marital funds have been used for the business, you will need to consider that your ex-spouse might be entitled to a part of the business.
Keep focus on what you want
Once you are heading into negotiations, you need to keep your focus on what you want out of them, particularly if your goal is to keep total ownership of the business. In some cases, you might need to buy out your ex-spouse’s part of the business. In others, you might consider continuing to work with your ex-spouse as a co-owner or as a silent partner. Your final decision will depend on many things, including how you and your spouse get along.
You might choose the collaborative divorce option, which will allow you and your ex-spouse to negotiate a settlement that works for both of you but in a more private environment. You will save time and potentially money by negotiating privately, with the assistance of each of your lawyers and other professionals.