How Will Being Self-Employed Affect My Divorce?

Divorce and Self-Employment

Self-employed individuals often have to grapple with challenges that those who are not self-employed unknowingly take for granted. From filing very complex taxation documents to figuring out how to save for retirement without the benefit of an employer-sponsored 401(K) plan, being self-employed can be both uniquely gratifying and uniquely difficult. If you are self-employed and contemplating divorce from your spouse, the fact that you will need to navigate some challenges that others choosing to divorce will not is therefore unlikely to surprise you. Thankfully, working with an experienced family law attorney will help to ensure that your divorce process is as efficient and as low-stress as possible under the circumstances.

Divorce: Considerations if You Are Self-Employed

There is no single “correct” way to approach the divorce process if you are self-employed. You may work as a solo independent contractor or you may own a thriving business that is tied to the livelihoods of many employees. As a result, it will be important for you to give your attorney as much information as possible about the nature of your self-employment so that you can receive the kind of guidance and support that will be most relevant for your situation.

There are a number of ways in which your self-employment may affect your divorce. If your business is marital property, you will need to factor the value of that business into your property division settlement calculus. You will also need to discuss the ways in which your self-employment income and taxation rates may affect your settlement as well. The nature of your health insurance coverage, retirement savings and other financial assets should be discussed as well, especially if you are a beneficiary of your spouse’s employer-sponsored insurance and/or retirement plans. The more proactive you are in addressing every aspect of the ways in which your self-employment affects your finances and personal life, the more your attorney will be able to accurately evaluate how to construct a strong legal strategy on your behalf.

Legal Assistance Is Available

If you have questions about the divorce process generally and/or your unique circumstances specifically, please do not hesitate to schedule a confidential, risk-free consultation with an experienced family law attorney today. No two divorces progress in exactly the same ways. As a result, it is important to consult with an attorney experienced in this area of law before making any assumptions about your legal situation. Once you have explained the nature of your unique circumstances, a lawyer will be able to advise you of your legal options and provide both guidance and support as necessary and appropriate. 

Source: Family Lawyer Arlington, Texas, Brandy Austin Law Firm, PLLC

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