Divorce is bad enough, but if your spouse id self employed, that adds some new challenges. The main issue is that income and assets might be harder to measure. In any case, if you or your spouse are self-employed and you are seeking a divorce, it is essential that you know what to expect and how to protect yourself.

Divorce as a Self-Employed Party

If you are self-employed, you need to enter into the divorce process prepared to defend your business assets. While the division of property is a tricky subject in any divorce, it can be more challenging when one or both parties are self-employed. It is possible your spouse may try to claim that you earn more than you do, which could potentially jeopardize your fair share of the shared marital property. It could also alter the way in which spousal support and child support are handled, which could significantly impact your financial situation.

To protect your finances and your business, try implementing these divorce tips:
•Gather as much documentation as you can in regards to your business assets and financial situation. The more information you have, the better.
•Hire an accountant. A hired professional can sift through your business accounts to evaluate your worth, which is far more likely to hold up in court than any estimated figures your spouse may present.

Divorcing Your Self-Employed Spouse

Anyone who does not subscribe to a typical work situation as a W-2 employee will typically have an easier time hiding assets in a divorce. If your spouse is self-employed, he or she can potentially hide the actual value of their company to receive more in property division, spousal support, and child support negotiations. To prevent this from happening, you should do what you can to determine your spouse’s real income and financial situation.

If you and your spouse are lucky enough to share an amicable relationship, you are probably less likely to worry about any financial deception, whereas individuals involved in a contentious divorce might be more concerned. In any situation, no matter how much you trust your spouse’s integrity, it is essential that you examine their finances to protect your financial future.

Ty Zdravko practices law as a divorce attorney, and family law attorney in Palm Harbor, Clearwater and the surrounding area.

For more information, visit our website at www.divorceboardcertified.com
or call (727) 787-5919.