Surviving Divorce When a Family Business is Involved
In many cases, two business owners who are married will only see the positives in their business. As we know, it can sometimes be difficult to keep a business afloat, but what happens if a much bigger issue introduces itself… what if the business owners decide to get a divorce? One of the major issues in these cases is the fear that the business will go under, but it doesn’t always have to. Sure, there are headaches along the way. Valuing the business and determining which share each spouse receives can be difficult, but not impossible. Today we will discuss some tips that could help you if you are going through a divorce will a family business involved.
Handling Divorce with a Family Business
Yes, you have many different options that could work for you and your spouse. As long as you are willing to talk it over, you can reach an agreement that works for both of you and your family.
Continuing to Run the Business Together: You may think that it’s impossible to own a business with your ex-spouse, but this is far from the truth – there are couples that make it work even after the marriage has ended. Your family business may mean a lot to you and this may not be the end of it. You and your spouse may see the benefits in keeping interest in the business and getting to keep your respective portions for the greater good of the business.
Buying All of the Business: Perhaps one spouse does not have interest in owning half the business, so you could invest in their other shared half. You may even be able to work out a plan that you could exchange their part of the business for other assets of yours.
Selling the Business: Together, you may sit down and decide that owning a business together or apart is not for you, so you just sell it altogether. By having separate funds, you can choose to create another business – however, this one you can invest on your own.
No matter what option that works best for you when dealing with divorce and a family business, it is a good idea to have an attorney on your side who works for you and considers your feelings in every issue. Call us today to find out how we can help you in the midst of your case.