Family businesses are common, and many are owned and operated by both spouses together. Sometimes, they started the company before they were a couple and then got married. Other times, they were married already and came up with the idea for the new company, which they then quit their jobs to start.
Either way, if you and your spouse own a business together, what does that mean when you get divorced? What happens to that company?
You have a few options
The good news is that you do have a few options. You just need to decide what works best for you.
First off, you can keep the business together. If you’re already shocked by that idea, it’s likely not for you. But some couples are able to keep their personal and professional relationships far enough apart that they can keep working together, even after divorce. It’s rare, but not impossible.
More common is a situation where you buy the half of the business that your spouse owns. They move on to a new job or a new career, and you take over running the company. This sounds smooth and simple, but the big hurdle is coming up with enough money to buy half of an entire business. Not everyone is in that position.
If both of those options fail, the final option is to sell to someone else. They can take over the business while you and your ex divide the money you earned in the sale. Some people take their portion of the earnings and start a new company on their own.
What are you going to do?
You can see that it pays to look into your options. Do you already feel like you know what’s right for you? Or do you still have more questions? This can turn into a fairly complex process and it’s important to work with an experienced law firm as you sort it all out.
