Becoming business partners often seems like a good idea to married couples. Their lives are already intertwined in many ways, including financially. It may feel easy and natural for them to work together, especially if they’re starting a small business and trying to help it grow over time.
But this can create some complications if that couple decides to get divorced. The end of the marriage could also mean the end of their business. Many couples decide that they simply have to sell the company. It is a shared asset, so they need to divide the value, and the easiest way to do that is to sell the business outright.
But do you have to sell? Or are there other options if you want to keep your business?
Buying half of the company
One option is simply to buy your ex’s half of the company from them. You may be able to bring on an investor, take out a business loan or surrender other marital assets that you would otherwise deserve. For example, if half of the value of your family home is the same as half of the value of your business, one of you could take the house and the other could take the company. That would still properly divide your assets – without selling either one.
Working together
On top of that, remember that you and your ex can work together. Some couples find this impossible or too difficult from an emotional standpoint. But you may be able to do it if you have gone through an amicable and peaceful divorce – and then you just become business partners.
No matter what you decide to do, you must understand all of your legal options and the steps you’ll need to take
