For female business owners in Wisconsin, getting divorced can be more complicated. In addition to determining how the other assets of the marriage will be divided, they will also need to determine how their divorces will impact their companies. Business owners should begin planning as soon as they think that they might end up divorcing to avoid problems.
Determining whether the business is separate or community property
One of the first steps to take is to determine whether your business will be considered your separate property or community property. Wisconsin is a community property state, which means that all of the assets that a couple has amassed during their marriage will generally be divided equally by the court if the couple cannot otherwise agree. Businesses that were started during the marriage will be considered community property. Women who started their companies before their marriages might be able to claim them as separate property as long as no marital funds were used for the businesses.
Handling a business that is community property
If a business will be considered to be the community property of a couple, the female business owner will need to take a few additional steps. Getting a proper business valuation will be critical. The business owner should also look at the ownership paperwork. If her spouse is listed as a co-owner, she might have to consider buying out his interest in the divorce. Negotiating with the other spouse to allow the female entrepreneur to continue operating the business by allowing him to take a greater percentage of other assets might be necessary.
The landscape has changed, leading many women to open their own businesses. When women business owners want to end their marriages, they might want to seek help from experienced property division and divorce attorneys to think about ways to save their companies.