You’re getting divorced, and you’re worried about your business. As a business owner, it’s very important to you to keep this company intact. But it is also a family business, a shared asset that you own together with your spouse.
It is possible that you could lose the business during the divorce. For instance, some couples will choose to sell their business and then split up the money that they earn, similar to how they would sell a family home and then divide the proceeds. If you both have a right to the business as a marital asset, this may be the option that you choose to divide that asset.
But don’t assume that you have to lose the business. There are actually two ways that you could keep it.
Buying your spouse’s share
To start with, even if your spouse wants to sell during the divorce, you may decide to purchase their share. An example of this could be if they want to keep the family home, so they decide to keep the home and you get to keep the business. You could also take out a business loan and purchase their share after having a valuation done if you’d prefer that to trading marital assets.
Continuing to be co-owners
Additionally, don’t assume that you even have to sell the business at all. In some cases, couples will go through an amicable divorce where their romantic relationship ends, but they still generally get along and can work together as business partners. If you’re in this position, you are well within your rights to continue working together as co-owners even after the divorce.
As you can see, there are many different options to consider in divorce. Be sure you know what steps to take to work toward the optimal results in your unique situation.
