During your divorce, you may need to divide your business. If you and your spouse are both taking an active role in the business, it might not be as simple as buying one party out, either.
For people who are both invested in the business but no longer invested in their relationship, dividing a business is tough. Fortunately, there are some options.
First, if you are both interested in working in the business, you can look into sharing roles. You could both, for example, share the chief executive officer (CEO) position. You could put one of you in charge of marketing and travel while the other is in charge of research and development. You can split up tasks, essentially, so that you don’t get in each other’s way. In some cases, ex-husband and ex-wife teams do very well in business when they each take on separate roles.
Another option is to work together. Some people don’t do well in a relationship but work together in business very well. If your marriage is coming to an end, but you’re both still civil, this may be a better option than dividing the business between you or selling it to split the profits.
If you truly cannot work together, consider having one person take on an active role while the other is passive. For example, you might give stock to one party but leave the business in the hands of the other. Both can benefit, but they won’t have to interact directly.
Your attorney can help you consider multiple options for your business. Think about your options carefully, so you make the right choice for your finances and your business.
