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Self-employed? Protect your business during your divorce

You're self-employed and have decided to get a divorce. Just like in any other divorce, your income will be noted, and it may be needed to determine if you receive or pay alimony, which assets you are entitled to and for the court to understand who earned what during the marriage.

Your small business is what brings in your income, so it's important that it's protected during the divorce. What can you do to help make sure your business is protected when you take that final leap towards divorce?

Start by making sure you have all of your documents in order. Get documents like your car loans, mortgage, credit card statements and print outs of your checking and savings accounts. You need to gather these materials to talk to your attorney and to determine exactly where you are financially. What else should you do to protect your business? Here are a few tips.

1. Know your spouse's earnings

Once you understand what you have to lose, you can also understand what you have to gain. You'll have information on your spouse's earnings and what you're entitled to as well. If you notice that you have all your assets claimed but don't see assets you should on your spouse's information, fill in those blanks. You need to have your entire financial portfolio out in the open, so your marriage's assets are equitably divided.

2. Get rid of joint accounts

After this, it's a good time to start dividing your joint accounts. That means not having your name on any accounts that are shared with your spouse at present. Take your spouse off your accounts if they're listed, or open a new account and transfer your assets there while removing your name from the first account.

3. Eliminate liabilities

It's a good idea to eliminate any potential liabilities. Whether it's credit cards or a mortgage, you need to settle debts now to avoid future trouble. On joint accounts, if your spouse fails to make a payment, it could hurt your credit. If that happens, your business could suffer, too. In fact, if you have no separate business account, you may want to open one and begin placing all your business-related assets into that account before you ever start the divorce process.

Your attorney can help walk you through the ways you can protect yourself and your business while helping you get the divorce settlement you need. With the right support now, you can make sure you don't have liabilities that could put your business in danger later on.

Source: Nov. 30, -0001

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Minutes From Downtown Sacramento

Our office is conveniently located off Highway 50, just three miles from the Sacramento County Family Courthouse and minutes from Downtown Sacramento. For your convenience, we accept all major credit cards.

Victoria S. Linder Law Office
5303 Folsom Boulevard
Sacramento, CA 95819

Phone: 916-905-4805
Fax: 916-498-0127
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