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.
When you co-own a business with the spouse whom you are divorcing, it can be a bit of a sticky wicket. Few couples manage to soldier on together in the business post-split.
When you co-own a business with your spouse, divorce becomes quite a bit trickier to execute. One of the fears of divorcing couples with a shared business to run is that their companies will take a hit from the divorce and not be sustainable.
In most cases, business and divorce do not make good bedfellows. The founder of the business is usually afraid of losing everything he or she has worked so hard to build. By contrast, the other spouse may worry about not getting a fair share of the business profits. All of this fear and concern has the unfortunate effect of overcomplicating divorces that involve business owners.
Business owners who go through a divorce are in a vulnerable position. They may fear being forced to shutter the doors of the businesses they co-own with their spouses during the settlement phase of the process.
During a divorce that involves a business, it's important that you have the business valued. By obtaining the valuation, you'll know how much the business is worth and how you'd like to negotiate to keep it or to allow your spouse to keep it in full.
You owned your business long before you were married, and you want to remain in charge like you've always been. At no time during your marriage did your spouse play a role in your business, so you don't believe they should benefit from it.
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.
You own your own business and you've worked hard to build it from the bottom up. The last thing you want is for the end of your marriage to damage or destroy the enterprise you've created. However, is it even possible to stop that from happening? It is -- but only if you plan ahead.
One of the most frightening things business owners hear from their spouses is, "I want a divorce." Even business owners who also desire a divorce often avoid such an action because they fear losing the business they worked so hard to build. A business divorce may indeed put your company at risk. However, there are several actions you can take to help you avoid the loss of your business should divorce enter the picture.