How Divorce is Handled When a Family Business is Involved

family businessYou’ve started a family business with your spouse, and over the years it has thrived and evolved into something you are proud of. But now you aren’t sure what to do because you’re getting a divorce from that same spouse you built everything with. How are matters handled when you are involved in a divorce and a family business is involved? This can be a messy matter and you might need the help of an experienced attorney during this time.

Options You Might Have 

When it comes to divorce and your family business, you want to utilize every last option. Here are a few different ways you can settle these matters:

Continue Running the Business: For some people, it makes more sense to keep running the business. This is due to the fact that some ex-spouses are able to communicate well with one another. If you choose to continue running the business, there are some things you need to consider, but don’t be afraid to take the leap.

Buy the Other Half of Business: When you receive a valuation, you might decide to move forward with buying half of the business from your spouse. If your spouse decides that they want no part in the business after your split, you have a chance to keep the business and run it by yourself.

Sell Business: You might even choose to sell your business and split the profit with your ex. You will find out how much the business is worth and hire professionals to handle your matters. This can be an emotional time as you are selling what you have built together, but it might work in your unique situation.

We want to help if you are somebody who owns a family business with your spouse and you need help during this time. Your family business is important to you and there are many things to consider. Call us for more information so we can get started.