Divorce while self-employed — what now?

On Behalf of | Oct 25, 2018 | Divorce |

Being self-employed can be stressful. The idea of “you and you alone” being responsible for the financial contribution one makes to a household can be daunting because being self-employed requires financial and time sacrifices. When a divorce then becomes reality accompanied by a realization of the financial implications it brings, one may become overwhelmed.

Any self-employed person in Minnesota may benefit from considering the aspects mentioned below should he or she be in the midst of a divorce. Firstly, it is imperative to realize that there are many more options than the traditional divorce. While no option guarantees a cheap, fast and painless divorce, the right choice for one’s particular situation may lessen the impact on a business.

Secondly, a court assesses the financial position of both spouses. While paying alimony may decrease what goes into the business’ bank account, it may also be that the self-employed spouse is awarded alimony. Alimony is not an award written in stone forever. Courts may make rulings regarding the amount to be paid as well as the length of time the support should be paid, and these awards can even be modified. It may help if spouses can come to their own agreement among themselves.

Like finances, property is split during a divorce. A self-employed person should make sure that it is clearly known which of the marital property is used in the self-employment of a spouse. It is also important to clearly record which marital property is essential to one’s self-employment. It is quite clear that all of this can be complex and maybe even daunting. Consulting a Minnesota divorce lawyer may help clarify the legal pitfalls and help to keep the business afloat among all the other aspects of divorce.   

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