Are you a self-employed individual and are considering getting a divorce? Or, perhaps you’re already involved in legally ending your marriage. Divorces, where one or both spouses are self-employed, tend to be a little more complex than divorces where spouses are traditionally employed, so it’s important to get professional guidance. Here’s what to consider.
Contact a Professional Accountant
A professional accountant is essentially a necessity if you’re self-employed and getting a divorce. Your ex-spouse and their legal team will be examining your financial records in detail, likely leaving no stone unturned when it comes to looking for money that you may be hiding. It’s a good idea to make sure your financial records are in good shape by enlisting the help of a professional accountant. Even if you’ve done your own finances in the past, call in a pro.
Disclose Your Finances
It’s necessary for anyone getting a divorce to make a full financial disclosure (unless waived by both parties), which means you disclose your assets, debts, income, and expenses in full to your ex-spouse and their legal team. When you’re self-employed, this becomes even more crucial. Self-employed people are often accused of hiding assets or money, because it’s typically easier to do with your own business records than in traditional employment situations.
Identify Separate Property and Profits
Not all of your property may be subject to division. If you started your business or became self-employed prior to getting married, your assets may be considered separate instead of marital assets. However, the opposite could be true; if your spouse worked at the business or you became self-employed after your marriage, your spouse may be eligible to receive a portion of your profits and property. It’s crucial that you separate any property that belonged to you prior to the marriage from property that you acquired during the marriage, and that you gather any documentation that shows when you acquired what property or assets.
Contact a Naples Divorce Attorney
Don’t wait to get help with your divorce if you’re self-employed. There’s a lot on the line and it’s critical that you have someone in your corner you can trust to help protect your rights and interests. Call Naples family and divorce lawyer Kevyn Noonan Hayes, P.A. for more information at (239) 591-6248.