Divorces are hard journeys for many people. For business owners, there is a dynamic that isn't present in other divorces. These individuals have to think about how the divorce will impact the business.
It is imperative that you think carefully about what you are going to with the business since you are divorcing. You do have options here. We can help you to investigate how your preferred option might impact you.
Sell the business
You might choose to sell the business and split the profit in the property division settlement. This is an option if neither you nor your ex wants to hang on to the business. It would also hinge on you being able to find a buyer.
Close the business
You might choose to just cut your loses and close the business. You might be able to make a little money if the business has assets or equipment to sell.
If you and your ex can get along, you might decide to run the business together. Make sure that you and your ex each have a role that is clearly defined and that the way you split profits or handle pay is clearly denoted.
One spouse can opt to buy the other spouse out of the business. This can be done by balancing out other property in the property division process or by using cash.
We know that this is a difficult decision for you. It is crucial that you take the time you need to explore these options, but remember that this can delay the divorce if you are weighing the options for too long. We can help you make a plan for the option you choose once you let us know.