What Happens to Your Family Business in a Divorce?
Divorces are never easy. If you and your partner share a business, divorce can become more complicated. Regardless of who runs the books, who’s in charge of daily operations, or who invested in the business, that business is a marital asset. That means that your spouse has certain rights to that business. When going through a divorce, here’s what you need to consider before deciding on the business.
Can You Work Together?
Letting go of a successful business is a difficult decision. If you and your spouse maintain an amicable relationship, leaving the business intact is an option. Talk to your spouse about responsibilities, duties, and an appropriate and acceptable monetary compensation plan. Details about keeping the business intact can be negotiated with the help of a divorce lawyer.
Are You Better Off Selling it?
If you and your spouse do not have an amicable relationship, or if you don’t want to continue running the business without your former spouse, selling the business and dividing the assets is a great option. This option gives the spouses the freedom to move on without having to worry about running a business with their former spouse. If one party wants to continue running the business and the other one doesn’t, there’s also the option of buying the other spouse out.
What Are Your Business Goals?
Determining your business goals is essential in deciding what happens to the business after a divorce. Do you want to expand your business? Do you hope to one day make it a publicly-traded company? Are you looking to do something else? Determine what you want out of your family business and discuss those goals with your divorce attorney. They’ll guide you to the best course of action.
What Are You Willing to Give up?
If you want to continue having ownership of the business after a divorce, chances are you’ll need to compensate your spouse. That doesn’t necessarily mean monetary compensation; it can also mean a larger property settlement. The form of payment from one spouse to the other for their interest in the business can be accomplished in other ways to ensure that the business remains healthy and successful. Deciding on how to compensate your spouse can be negotiated during the divorce process.
Let Us Get You the Results You Deserve
Divorces that involve a family business are complex. ZM Law Group can make it simpler. Let us help you determine your next steps, negotiate with your spouse, and get you the results that you deserve. Contact us today to get started.
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