You and your spouse have a successful business. Together, the two of you worked hard to make this dream a reality. You both put in long hours, did research and worked through issues. This business is your livelihood. Both of you are extremely proud of what you’ve accomplished as business partners.
Unfortunately, your marriage is not seeing the same success. You said ‘I do’ with hopes of your relationship lasting forever. But that fairytale just isn’t reality anymore. Now, the two of you have decided that it would be best for your futures if you get a divorce.
The two of you drafted a great business plan, and built a successful company. You both worked hard and rely on the business as income. As you consider the divorce process, you want to know what will happen to your business.
If the two of you can work together, you can keep running the business as usual.
While you both have agreed to split up, running the business together might be challenging. The two of you will need to agree to set your differences aside and work as a team. Personal life and professional life should be kept separate. You will both be able to keep doing what you love and relying on the income you’ve grown accustomed to.
If you two can’t agree, you can sell the business together
Perhaps you think it will be too difficult to work together in a professional capacity. Maybe the two of you want to sever all ties so that you can start your futures on a completely clean slate. Either way, selling the business is an option. The two of you would share the profits gained from the sale and can use that money to start over.
If one of you is ready to let it go, you could sell a share
Your heart is still in the business, but your spouse just doesn’t think they can keep this routine going post-divorce. They want to move away from New York to some place quieter. You can buy out your spouse’s portion of the business. You will then be able to continue doing what you love. You and your spouse will need to talk about having the business appraised and come to an agreement.
If the two of you had any contingencies in place when you started the business, you should take action to evoke those agreements. Depending on the arrangement, there may be pushback. Just remember to make sure that whatever option you choose, you remain professional—both regarding the divorce process and your business.