Show notes
When a business is on the line in a divorce, the financial stakes can be staggering - and most people don't realize how much they don't know. Whether you’re a business owner trying to protect your business in divorce, or a non-owner trying to value your spouse’s business, understanding the rules of business valuation is critical. Nicole Sodoma, a nationally recognized family law attorney and founder of one of the largest family law firms in the Carolinas, breaks down how business valuation works in divorce proceedings and why both spouses are often operating with blind spots that can cost them dearly.From the quiet strategies used to undervalue a business to the surprising ways lifestyle clues can tell a truer financial story than a tax return, there's far more to uncovering what a business is actually worth than most people expect. As a business owner who has navigated divorce herself, Nicole understands and explains how business owners often minimize what their company is worth, while the non-owner spouse may have no idea what questions to ask or what information to look for to dispute that value. Nicole also explores the emotionally exhausting stretch between separation and final divorce, especially for entrepreneurs and business owners who are trying to keep a company running while their personal life is unraveling. She highlights the “divorce fog” that can cloud judgment, the risks of making decisions too fast, and the importance of building a strong team before problems spiral.If you or someone you know owns a business and is going through a divorce, this podcast episode can make the difference between navigating through it with financial stability versus allowing your divorce to drive you to the edge of a financial cliff.About NicoleNicole Sodoma is a nationally recognized family law attorney, author and thought leader redefining divorce, co-parenting and modern family dynamics. She is the founder and managing principal of Sodoma Law, the largest family law firm in North and South Carolina. A former litigator, certified parenting coordinator and collaborative law attorney, Nicole draws on her own lived experience as a step-parent, mother, ex-wife and entrepreneur to provide personalized strategies and tools for families navigating complex transitions. She is the author of Please Don’t Say You’re Sorry, which helps readers navigate the challenges of marriage and divorce with insight, humor and practical tools to move forward. Nicole is also the founder of the Sodoma Law Foundation and has been featured in outlets including The Wall Street Journal, USA Today and Business Insider.Connect with NicoleYou can connect with Nicole on LinkedIn at Sodoma Law and on Facebook at Sodoma Law. You can follow Nicole on YouTube at Sodoma Law and on Instagram at The Sodoma Way. To learn more about working with Nicole, visit her website at Sodoma Law.Karen Covy is a Divorce Coach and Consultant, Lawyer, Author, and Speaker who is dedicated to helping people make the best decisions possible for themselves, their families, and their future - especially in stressful times. You can check out Karen's videos on YouTube.You can connect with Karen on LinkedIn, Facebook, Instagram, Twitter, and on her own website at karencovy.com.