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You don’t have to sell your business during divorce

On Behalf of | Jan 3, 2022 | Divorce |

If you run a family business with your spouse, and the two of you decide to end your marriage, you probably assume that means you also have to sell your business. Once the relationship ends between you, you figure you won’t want to work together either, and selling the business seems better than simply closing it down. 

Some couples choose to do this, but you certainly don’t have to. Here are two other options that you may want to use. 

You take control of the entire business 

You may be able to take over control of the business by buying out the half that your spouse owns. They will look at this as a tactic to generate more financial assets during the divorce, but you can look at it as a way to protect your long-term income. You simply have to pay them whatever the value is for the percentage of the business they own. This may require taking out a business loan or finding an investor. 

You continue to work together 

Additionally, your business is an entirely separate entity from your marriage. There is nothing saying that you can’t just work together after the divorce. Yes, this may be too emotionally difficult, but there is no legal barrier to working together as business partners. Some couples just try to take a break, refocus, redefine their relationship as a strictly business relationship, and move forward as business partners. 

No matter what you want to do, the outcome for your business is an important part of your divorce, and you need to know about all of your legal options.