Michigan has many female entrepreneurs, and going through the divorce process can cause complications with daily business operations. If you’re one of these women, here are some tips for making it through your divorce with your financial and emotional well-being intact.
Treat your divorce like a business transaction
One big mistake that many women make is falling into the trap of being overly connected to their business. It’s common for entrepreneurs to feel as if their businesses are like their children. With the massive amount of time that you invest in bringing your business to fruition, that’s understandable.
However, going through a divorce requires you to take your emotions off of the table. Treat your divorce like a business transaction. Expect to go through the asset division process having to make compromises. At the end of the day, it comes down to what makes the most financial sense.
Seek out a professional evaluation
While you and your former spouse may have a decent idea of what your business is worth, you shouldn’t just trust your intuition. Rather, you should opt for hiring a professional appraiser to determine the financial value of your business. This can help with negotiation efforts throughout the divorce process.
Each one of your marital assets is going to receive a financial appraisal. This includes homes, cars and even retirement accounts. Your business should be no different. When you know what the financial value is of each one of your marital assets, you can better determine who gets what.
Going through a divorce is complicated, and no one wants to have to settle with splitting up their assets. However, this is a necessary part of the divorce process. By preparing yourself for the road ahead, you can go into your divorce proceedings level-headed.