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The complexity of getting divorced with a family business

On Behalf of | Oct 3, 2023 | Asset Division

Divorce can get to be fairly complicated for those who are business owners. It could be a couple who got married and then decided to open their own business five years later, for instance. It is clearly a marital asset, they both own it, and they have to decide what to do now that the marriage is ending.

Fortunately, there are three main options that people should consider first. Looking into these can help to streamline the process so that people can define their goals and determine what legal steps they need to take to work toward those goals.

One person sells their share

In some cases, one person will just sell their share of the business to their ex during the divorce. They may take other marital assets, like a family home or an investment portfolio, in exchange for their half of the business.

Both people sell the business

Secondly, there are many cases where both owners will sell the business. It could be transferred to an employee or third party who was contacted with the opportunity to become an owner. After the sale, the divorced couple splits up the money that they earned.

They continue as co-owners

Finally, there are also cases where the couple can get divorced but still work together. They may not necessarily be on bad terms. They just know that the romantic relationship has run its course. But they can create a partnership agreement and continue working together as joint business owners after the divorce.

Understanding these options can help those who are working their way through a divorce. They need to carefully consider what legal steps to take at this time.

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