Ordway Law Group, LLC
Ordway Law Group, LLC
Divorce & Family Law

When you’re divorcing your business partner

| Jun 3, 2020 | Business Divorce |

When you get married, you aren’t thinking about what will happen if you get divorced. Similarly, when you and your spouse start a business together, you’re probably not thinking about what happens if you get divorced or the business fails.

Marriage and business can be messy, but divorce and business can be even messier. When you are divorcing your business partner, it’s important that you learn what your options are. Here are a few ways that you can

Stay in business together

Though it will undoubtedly be difficult, you can try to stay in business with your ex after divorce. It may not be ideal, but you may be able to make it work. If you and your ex decide to give a business relationship a chance, you will need open and honest communication. Remember to give yourself space if you feel that you need it before jumping right back into business.

Buy your ex out

Your business, especially if created together, may be a marital asset. This means that both you and your spouse have claim to it. If you want to keep the business for yourself and don’t think that you and your ex can work together, you may need to buy them out. Give them their part of the funds or you can offer other assets that you have in exchange for the business.

Sell the business

If you just can’t work together and feel that it’s time to let the business go, it’s probably time to sell. This is a good option if you are wanting to separate from your ex completely because once you sell the business and split the profits, you can go your separate ways in business.

Be sure to talk with your business partner and your attorney about how you are going to handle your business during divorce. With open communication, you can determine what path is best for everyone.

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