According to the Small Business Association, small businesses account for roughly 54 percent of total U.S. sales and employ 55 percent of the U.S. workforce. Many entrepreneurs spend years sacrificing and working hard to grow their businesses. For those business owners who are married, a spouse may play the role of business partner, executive or financial investor.
What happens when business partners divorce?
Study: why women age 50 and older suffer the hardest financial hit post divorce
At any age, going through a divorce can result in an individual suffering a major financial blow. With time, however, most divorcees are able to bounce back and work to rebuild a healthy savings to ensure for their future financial security. However the results of the recent "Marital Biology, Social Security and Poverty" study indicates that a strong post-divorce financial rebound is often much more difficult to achieve for individuals who are age 50 and older, and particularly for divorced women age 50 and older.
Dealing with divorce drama at work
In our last blog post, we discussed ways that recent divorcees who return to the work world can prepare and succeed. For those individuals who already work outside of the home, it can be challenging to cope with a divorce while also attempting to fulfill the expectations of one's role at work.
When a divorce necessitates a return to work
In a recent blog post, we discussed the challenges that divorcees who previously relied upon a spouse's income for financial support may face in the wake of a divorce. In these types of cases, a divorce attorney will work to secure alimony. It's important to know, however, that the family courts view alimony as merely a way to provide support to a financially disadvantaged party while he or she works to obtain the education or training necessary to find a job and become financially secure.
