The idea of setting up a new business from scratch may seem like a young person’s dream. While many advice articles written on the subject may seem biased in that way, there is no reason why so-called “middle aged” California residents should not also view this option as a reality. Those who are considering divorce have many things to weigh before, during and after the proceedings are finalized, in particular those relating to finance.
If one had put his or her work life on hold, for example to raise children, then the skills one acquires in running a household and coordinating schedules between several people can be of benefit in various business areas. One may also have skills that he or she had never considered as marketable, in the form of hobbies. Things such as decorating cakes for children’s birthdays, fixing up fancy dress costumes for school plays, and even creating floral arrangements for the local church, all have the potential to be turned into small businesses.
Assembling all financial details that relate to the divorce may assist individuals in figuring out how much capital may be available for new ventures, post-divorce. Knowing how the financial land lies is important to any California resident involved in such negotiations. Spousal support, child support, as well as longer term finances such as pensions and insurances, can all play a part in planning for a different future.
If an individual has an idea in mind, then further research will assist greatly in the decision-making process. Market research, together with advice from sources including legal and financial, can assist one to transform his or her initial ideas into a tangible concept. Focusing on creating a positive future after divorce can be of great help during this time.
Source: usatoday.com, “Let divorce be an entrepreneurial springboard“, Gladys Edmunds, July 30, 2014