When couples get divorced, it often ushers in a season of change. This is even more true for couples who are also business partners. They could own a restaurant, a convenience, store, a climbing gym or any other type of business. They’ve been working together while they were married, running the business jointly.
But a divorce means that something has to happen to that business so that they can divide up their marital assets. Many business partners will sell the company, just like they would sell the family home. They can then divide the money that they earn in the sale. But what if you want to keep the business? Is that possible?
2 other options
You do not have to sell. One option is for the two of you to continue working together. Your marriage may be ending, but that doesn’t stop you from being business partners. You may just want to consider drafting an official contract or a partnership agreement as your relationship changes. But you can still own the business together, even if you get divorced.
Another option, if you want to stay and your spouse wants to sell, is just to buy their share. You may even be able to trade other marital assets. Perhaps your spouse wants the family home and you want the business, and they both have similar values. You can work this into the property division process.
Working through a divorce
This is just one example of how things can change when you get divorced. Take the time to carefully consider the necessary legal steps moving forward.