Divorce & the Family Business
- 16 Mar 2021
- Posted By admin
You and your spouse started a business years ago and things with the business are going well. But the relationship with your spouse isn’t. So, here you are with a shared business and looking at a divorce. What options do you have from this point moving forward?
Option 1 – Continuing Running the Business as Business Partners. This option isn’t always available because many divorces are contentious and create a lot of negative feelings. But for some, this option works fine. They go one working as usual and treat one another like business partners and split the profits accordingly.
Option 2 -Business Buy Out. This is when one partner buys out the other for an agreed upon price. This option should be done carefully and not emotionally so that both sides can look back at the deal and feel it was fair. You can hire a professional business appraiser to set a number.
Option 3 – Sell the Business – This is truly a new start for both spouses. You put the business up for sale and split the money accordingly. Again, it is probably a good idea to get legal and financial professionals involved so that nothing is left on the table. This option allows both partners to go their separate ways, at least in terms of making money.
Divorce is never a pleasant thing. Even very amicable divorces mean the dissolution of a relationship which once existed. But with the right planning, communication and professional help, it can be a fairly smooth process.
If you need legal assistance with an uncontested divorce and live in Brevard County or Orlando Florida, please feel free to contact us. We would be glad to help.