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How women entrepreneurs can protect their assets during a divorce

When Michigan residents get divorced, they may need to determine how assets are divided. This can be especially challenging for women entrepreneurs whether they are sole proprietors or business partners with their soon-to-be ex-spouse. The more a woman entrepreneur knows about the actual value of her business and any potential debt or future growth her business can expect, the better position she will be in to have a favorable outcome during the divorce.

Steps in getting a divorce

Michigan residents who are seeking to end their marriages might wonder where to begin the process. Divorces differ based on individual situations, but there are a few elements that are common.

Deciding whether or not to divorce

Some couples in Michigan may have heard that half of marriages end in divorce. However, in some cases, divorce might be the right choice. If people going through a divorce can shift their thinking away from the idea that divorce means the relationship is a failure, they may be able to proceed with the divorce without emotions like guilt or resentment interfering with their divorce agreement.

When couples should get divorced

Although many Michigan couples do whatever it takes to avoid getting a divorce, there are some cases where a divorce may be beneficial for all involved. These cases include when a spouse is physically, emotionally or verbally abusive to the other spouse or children, if the spouse has an addiction to alcohol or drugs or the marriage is an example of an unhealthy relationship.

Getting divorced later in life

The divorce rate for people who are at or over age 50 has been increasing for the last few decades. When older Michigan couples divorce, they face additional issues because they will have less time to save for their retirement. It is important for them to plan carefully so that they can maintain their ability to retire on time.

Some occupations have higher divorce rates than others

People in Michigan may be more or less likely to get a divorce based on their profession according to the 2015 American Community survey presented by FlowingData. Among the occupations least likely to get a divorce were software developers, medical professionals, scientists and actuaries. Other occupations that have a lower divorce rate are related to rural lifestyles, such as farming, forestry, the military or fishing. People who work in fields involving nightlife or travel, including bartenders and casino workers, have the highest divorce rate.

3 reasons experience matters when you seek a divorce attorney

Divorce does not have to be a stressful and contentious process. In fact, if you approach it with the right attitude and a solid support system, it can be the first step towards a better life. One of the most important components of your support system will be the legal counsel you select. Not all attorneys offer the same thing, and experience is one of the most important factors to consider. According to Forbes, in fact, experience is one criterion you should never compromise on in your search for an attorney. Opting for a less expensive yet less knowledgeable lawyer may be one of the most expensive mistakes you can make. 

Paternity tests and child support

Michigan parents should understand what kind of role paternity has in determining child support. Paternity testing through DNA is a tool that provides an accuracy rate of 99.99999 percent and is used often in cases for which child support and custody have to be determined.

Effect of divorce on finances

When Michigan couples get a divorce, their financial situation might change drastically. Although women work outside the home in growing numbers, there is still a significant gap in pay between men and women. The Bureau of Labor Statistics reports that women still earn about 82 cents for every dollar men earn. One reason for this disparity is that caregiving tasks tend to fall more to women, so they are less able to work longer hours, build their careers or save money.

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