Going through a divorce while owning a business can feel overwhelming. You’re managing personal and emotional challenges while trying to protect your livelihood. But you don’t have to navigate this alone. Building a strong support team—including a divorce lawyer, an accountant, and a financial planner—can help you make informed decisions and secure your future.
This blog will guide you through:
- Who to include in your support team
- How to find the right professionals
- Resources to get started quickly
Let’s break it down step by step.
Why You Need a Support Team
Divorce impacts more than your personal life—it can affect your finances, taxes, and even your business operations. A support team ensures you’re covering all your bases:
- Lawyers protect your rights and guide you through legal agreements.
- Accountants help manage tax implications and evaluate your business value.
- Financial planners assist with budgeting, investments, and long-term financial health.
Having experts in your corner reduces stress and helps you avoid costly mistakes.
Step 1: Find the Right Lawyer
A good divorce lawyer for business owners understands the complexities of marital property division and business law. Here’s how to find one:
- Ask for referrals. Friends, family, or local business groups can recommend experienced lawyers.
- Search online directories. Use platforms like Avvo or FindLaw.
- Interview multiple lawyers. Ask about their experience with cases involving businesses and divorce.
Affiliate Resource: LegalZoom offers affordable legal services, including consultations with divorce lawyers.
Step 2: Get an Accountant
An accountant ensures your business finances are in order. They can help with:
- Business valuation to determine how much your company is worth.
- Tax planning to minimize your liabilities during and after divorce.
- Financial transparency to avoid accusations of hidden assets.
Look for accountants with experience in divorce cases. You can find them through:
- The American Institute of CPAs (AICPA) directory.
- Referrals from your lawyer or local business groups.
Affiliate Resource: QuickBooks helps small business owners keep track of finances with easy-to-use tools.
Step 3: Work with a Financial Planner
A financial planner helps you rebuild your financial future after divorce. They can:
- Set a post-divorce budget.
- Help you manage investments and savings.
- Plan for long-term goals like retirement.
Search for certified professionals through:
- CFP Board’s Find a Planner tool.
- Recommendations from your accountant or lawyer.
Affiliate Resource: Betterment offers financial planning tools and investment management services.
Additional Support Resources
Here are some tools, websites, and media to make this process even easier:
Websites and Guides
- Nolo: Legal and financial advice tailored to divorce.
- SCORE: Free mentoring for small business owners.
Podcasts
- Divorce and Beyond Podcast by Susan Guthrie: Practical advice for navigating divorce.
- The Smart Divorce Podcast by Deborah Moskovitch: Tips for managing financial and legal aspects.
Books
- “Divorce & Your Business: Protecting Your Assets” by John P. Schuman
- “The New Financial Advisor for Divorce” by Karen Tannenbaum
Magazines
- Entrepreneur Magazine: Articles on managing businesses through personal challenges.
- Forbes Women: Content on balancing life and business during transitions.
Affiliate Tools
- Rocket Lawyer: Affordable legal documents and advice.
- TurboTax: Tax tools for small business owners.
Internal Links
- Navigating Divorce When You Own a Business: Learn how divorce impacts business ownership and your options.
- Financial Planning After Divorce: A guide to setting up your financial future.
- Tax Implications of Divorce for Business Owners: Understand how divorce affects your taxes.
Conclusion
Building a strong support team is one of the best steps you can take as a divorcing business owner. With the right lawyer, accountant, and financial planner by your side, you’ll be equipped to protect your business, manage your finances, and plan for a secure future. Use the resources provided in this blog to get started today!
