Divorce and Self-Employment: Things You Should Know

Divorce and Self-Employment: Things You Should Know

Divorce, a problematic phase of life becomes more difficult if your partner is self-employed. There is a possibility that your self-employed partner may attempt to cloak his or her assets, which is one of the biggest concerns in such cases. Whereas, if you are a self-employed individual who wish to part ways with his/ her partner, then you must explore all the legal ways to protect your business. It is important that you know how to protect your interests if you are going through a divorce. In this article, we will list down what to expect and how to protect your interests.

Divorcing as a self-employed individual

Your financial health will be affected, if your partner claims that you earn more than you actually do. You need to be ready for it, because your business and your future depends on it. You need to follow the below mentioned divorce tips to protect your interests:

  • Collect as many legally valid documents about your business and financial situation as you possibly can. Reliable and legally verifiable information is the key in divorce proceedings, so collect all the information you can.
  • Seek professional help. You need to hire an accountant or auditor who can present accurate picture of your business.

Divorcing your self-employed spouse

As mentioned above, your self-employed partner may try to hide his/ her assets to give you less share than you legally deserve. To avoid such situations, you should determine the financial situation of your partner accurately. If you and your partner share a good relationship, then the chances of fraud are less but there always exist a possibility. Therefore, you need to follow the below mentioned points to protect your interest:

  • Collect as many legally valid documents about your partner’s business and financial situation as you possibly can.
  • Hire a forensic accountant or a business evaluate to find the true worth of your partner’s business.

If you live in the Richmond, ChesterfieldHenrico and Harrisonburg areas and you are thinking of divorcing your self-employed partner, call Cravens & Noll at 804-330-9220 or fill out our online contact form to schedule an initial consultation. We can discuss your situation, your legal rights, the potential costs of a divorce and your best options for moving forward.

 

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