You’ve been running your Atlanta business for the past 20 years, which is coincidentally how long you have been married. But, as it turns out, your marriage is now ending. You certainly don’t want to lose your business as well.
It is never a foregone conclusion that you will lose your business in a divorce. Your spouse may indeed have a legitimate claim to some ownership of the business. But that does not necessarily spell doom for you, either.
Most Georgia divorces have lots of assets, including:
- the family home
- contents of the home
- retirement accounts
- country club membership
- art, wine and car collections
- vacation homes
All of the above, in addition to the couples’ shared debts, can be leveraged against your ex’s interest in your business.
There are other ways to preserve full ownership in your business in a divorce. You could buy out their interest (which may be minimal depending on their level of involvement with its operations) or take on a partner who purchases the spouse’s interest.
Some divorced couples even manage to work together in the family business post-divorce, although that is certainly not a solution that will work for everyone.
The bottom line? Every situation is different and dependent on several factors. We can help you strategize ways to save your business in a divorce. We can also help you sort out other related matters, like the custody of your children and other property distribution issues.
Divorce is challenging, but it doesn’t have to be scary. We will work with you to walk away with the resources and assets you need to start your new life.