What to do about a business when divorcing

WHAT TO DO ABOUT A BUSINESS WHEN DIVORCING

All those years ago, when you and your spouse started your business together, you had no way of knowing what the future would hold. Time passed and your business grew. But unfortunately, your relationship also changed and now you are facing a divorce. Divorce for any couple is complicated, but especially so for couples who are also business partners.

So, what is the best way to address your business interests in regard to your divorce and subsequent settlement? Well, you have  several options. One possibility is for one partner to buy the other’s share of the business. Perhaps the least expensive way to pull this off is with a bank loan.

So, what is the best way to address your business interests in regard to your divorce and subsequent settlement? Well, you have  several options. One possibility is for one partner to buy the other’s share of the business. Perhaps the least expensive way to pull this off is with a bank loan.

You could also set up a property settlement note. A property settlement note is a long-term loan, including interest, that one spouse pays to acquire the other spouse’s business shares.

But if neither you nor your spouse is interested in taking full control of the business, you may want to simply sell it and split the profits. The upside of this idea is that you can each walk away with money that can seed your next venture. On the downside, it is not always easy to sell a business. This means that you and your spouse could be having to work together for a prolonged period of time.

These are just a sample of the possible ways in which you and your soon-to-be ex-spouse could handle your shared business interests. But such an important decision will no doubt have plenty of variables that are applicable to your unique situation.

So, before you make any final resolution about how to split your  shares of a business, you may want to consult with an experienced divorce attorney. The attorney can help you assess your current situation, your prospects, and your goals so you can make a settlement plan that best suits your particular needs.

2019-11-07T23:47:53+00:0017 Feb|
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