Going through a divorce is never easy, but when you run a business it can be especially hard. You have to worry about how it will impact not only your personal life, but the future of your business, as well. Your business will need to be able to survive the divorce, or you may need to make the decision to close it. Some businesses are operated by both parties in the divorce, making the couple’s options even more limited. Options for running the business after divorce may include continuing to operate the business together, selling the business and splitting any profits, or one spouse buying out the other spouse. Each of these options has positives and negatives.
- Running Your Business Together After Divorce: One of the first things you could consider doing is running the business together with your ex-spouse after your divorce is finalized. If you can work together in a professional capacity, but just cannot work together as a married couple, this could be a solution. This option gives you the opportunity to get the most out of your business. Continuing to operate your business with your ex-spouse is typically not a good idea if your divorce is contentious. A volatile relationship could have a big impact, and a negative one at that, on the everyday operations of your business.
- Selling the Business: This may not be an option you want to consider, but it is an option nonetheless. You can sell your business to another person and then you and your spouse would split the proceeds in a manner that is approved by the court. This is a perfect solution for soon-to-be ex-spouses who no longer want to work together and are ready to close the business.
- Buy Out Your Spouse: This is another viable option for handling a shared business during divorce. You will pay for your partner’s portion of the business and he or she will no longer have ownership of or involvement in the business. Choosing to pay your ex a fair amount of the value of the business may be enough to convince him or her to sign over any interest in the business to you. This will also allow you to continue to run your business without your ex’s influence. This will work well in situations in which one person is heavily invested in the company, but the other partner really has no interest in the business or continuing to help in its operations.
Contact an Experienced Divorce Attorney Today
These are just a few of the options for people who are facing a divorce and run a business together. It is not usually easy to know what the best option is, but an experienced attorney can help you understand your options. The attorneys at Tyler Moore Law will review your situation with you and help you resolve your divorce while handling your business in a matter that works best for you. Contact us today to schedule a consultation.