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Do you own a business with your spouse? What happens after divorce?

On Behalf of | Feb 29, 2016 | High Asset Divorce

There are many married couples who own a business together. They have spent countless hours devoting their time and money into making the entity thrive. The income generated by the business is something that they both rely upon to meet their financial obligations.

If the couple decides that their marriage is not working out, they will need to consider what is going to happen to the company. This posting discusses some of the issues that divorcing business partners will need to resolve as things moves forward.

Decide what is going to happen while the process is ongoing

One of the very first things that the couple will need to decide will be their respective roles while the divorce is ongoing. If both spouses perform vital functions at the business, they may need to continue with this work as the divorce continues. While this is not ideal, sometimes it is the only way that everything can continue without causing a severe economic impact.

If possible, one of the spouses may wish to take some time away from the business as the divorce proceeds. This can help prevent disagreements from arising, and these arguments can make it much more difficult to get anything accomplished. Taking some time off can help improve the efficiency of the company at a difficult time.

If both partners will remain involved, create an easy way to resolve disputes

If the spouses wish to continue to remain co-owners of the business after the divorce, they have to develop a system that they will be able to rely upon when disputes arise. This can help bring an easy end to any problems that they may have with one another.

Communication post-divorce will be hard at first, but the parties need to make sure that the commit to the new way of business-as-usual. This is a major step toward ensuring the long-term economic success of the company.

Contact an experienced attorney before making any final decisions

You may not have any idea about your options for your divorce before filing. Your attorney will be able to carefully explain all of the various things that you can do in your specific situation. If you need to sell your interest or divide it equally with your spouse, your attorney can ensure that the company is properly evaluated by financial professionals.

The decisions you make at this time will impact the rest of your life. You need to be fully informed before deciding how you wish to proceed.