Starting your small business with your spouse seemed like a good idea at first. The two of you were already in a relationship and you knew how to work together. Maybe you had complementary skills and knew it would be a good business partnership.
Now, however, your marriage is ending in divorce, and it has created a lot of questions. Specifically, you start to wonder what happens to that family business as you divide assets. Here are three options.
Keep working together
First off, you aren’t obligated to sell the business. You could just continue working together after the divorce. Some couples realize that the romantic relationship doesn’t work and they get an amicable divorce, but they can still clearly see that they are both beneficial to the company. They become business partners, instead.
Buy your ex’s half
Secondly, you may decide to buy your ex’s half of the business. If you buy them out, then you become the sole owner. The main thing that keeps people from doing this is just the expense, as you may need business loans to do it. But you may also be able to give your ex other marital assets – such as a family home.
Sell the company
Finally, you always have the option to sell the company to someone else. Some couples decide that the business has just come to an end along with the marriage, so they sell it to a third party and go their separate ways.
No matter what you decide to do, your business is one of your most important assets, so be sure you know what legal options you have.