In many ways a relationship is like running a business. The partnership between a couple can mimic a business partnership in many ways. In some cases, you and your spouse may even run an actual business together. In these cases, what happens if you and your spouse decide to call it quits on your marriage? Do you call it quits on the business, too?
Deciding how to handle and divide your assets during a divorce can be complicated. When a business is involved, this process can be even more complex. You may not even know what your options are.
What can you do with your business?
Fortunately, there are a few options for business owners going through divorce. Here are three potential choices you can make:
- Buy out your spouse – if you feel particularly protective of your business and do not want your spouse involved you can make them an offer. Buying out your spouse’s share of the company can allow you to take full control of the business.
- Sell the company – maybe there are too many emotions involved in the business and you and your spouse want to get rid of it altogether. You and your spouse can arrange to sell the business to a third party.
- Figure out how to run the company together – if your divorce is amicable, you may be able to continue running the business together. This may take work, but there is a way you and your spouse can continue business as usual.
These are just three potential options you can consider when going through a divorce. You may want to work with your divorce attorney to come up with the best solution based on your situation.
If you are protective of your business and do not want to deal with the process of selling or dividing, there are ways you can protect your business from divorce altogether, too.