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How to deal with a business in divorce

On Behalf of | Jan 23, 2018 | Divorce

Some Minnesota couples may have gotten married and then started a business together. When the marriage ends, the business may not necessarily do so. Those who choose to work together after getting divorced need to take steps to separate business and personal issues. Otherwise, a personal disagreement could take a toll on the company.

It may be advisable for each person to have defined roles within the organization. This may make it easier to create clear boundaries within the new relationship. Those who choose not to work together after a divorce have many options when splitting the company. One is for one owner to buy out the other. Whatever a couple chooses to do, each person should have separate legal and financial representation.

When the divorce becomes official, it is important to allow for a transition period. This may mean that one person leaves the company for a time to allow both parties the opportunity to get past it. If necessary, both parties should have the opportunity to leave a business for good. In some cases, it simply isn’t feasible for former spouses to work together despite their best efforts.

The end of a marriage is often a difficult time. However, it may be particularly so for couples who owned a business together. Like any other asset, a business may need to be split up as part of a settlement. Those who choose to work together may need time to learn how to operate as business partners. In the meantime, there may be disputes or issues that may need to be resolved with the help of attorneys.

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