You and your spouse founded and run a successful business in the Atlanta-metro area, but your divorce may find one or both of you losing out on any future benefits. When it comes to splitting your life into two halves, doing so to the business may result in dire consequences.
Should you consider maintaining co-ownership of the company? When divorcing with a joint business, you have a few options to think about.
Buy your ex out of the company
Depending on your role in the business and your financial situation at the time of divorce, you may want to think about offering a buyout. Doing so may mean compromising on other areas of the divorce, such as retirement accounts, property and other assets; however, it means you get to keep the business. If you value the business over other things, a buyout may wind up working in your favor.
Continue to co-manage
Your divorce may not elicit strong emotions in either of you, which means it is possible you can maintain the business jointly. If you can push aside personal feelings in an effort to improve your business, then this option is a viable one. The two of you may have always been a goldmine when working together, and losing that due to personal strife and loss may not seem worth it.
Put the business up for sale
If during divorce negotiations neither side can find common ground on how to handle the business, consider selling it. Yes, this may seem like a worst-case scenario, but the alternative is you spend more money fighting over the business. You started a business once, and doing it again may prove to light a fire you have not felt in a while.
Dividing your life up during divorce may also mean stepping back and evaluating what is important. In terms of your business, you have a few options on how to proceed. An impartial viewpoint is essential when it comes to getting down to a positive outcome.
