Couples get divorced every day. For many of them, it’s a process of dividing their assets and their child custody rights. Once they’ve done that, they are able to move on and they may not have a lot of contact – other than being co-parents, of course, if that relationship applies to their circumstances.
But in other cases, a couple owns a business together. They decided to start a family business when they were happily married. Now they’re getting divorced, and they’re unsure what to do with their company. If you find yourself in this position, there are a few different options to consider.
You don’t have to change anything
Don’t assume that getting divorced means you have to do anything differently at work. You and your ex can still work together. You can still jointly own your company. It’s simply up to the two of you to decide if your relationship can handle the stress of continuing to be co-workers after you’ve gotten divorced. For some couples, this is impossible. For others, who are going through an amicable divorce, it’s relatively easy.
You can sell the business
If all you’re worried about is getting your money out of your investment, the two of you could sell the business. You’d have to complete a valuation, and then you’d have to find a third party who is interested in purchasing the business from you. But after that transaction has taken place, then you and your ex can divide the money that you earn or add it to the value to your overall marital estate to be divided in some other way.
Working through this process
These opportunities don’t represent an exhaustive list of options, as there are any number of creative solutions that you may be able to work out via mediation, attorney-led negotiation or litigation. No two businesses or divorces are the same. Seeking legal guidance can help you to carefully assess your options and to pursue whichever one best reflects your priorities, interests and overall property division strategy.