As married business partners, you and your spouse have worked hard to build your company up over the years. But now the two of you are going to be getting divorced. This means you have to decide what to do with the business, as it is a marital asset.
One option is certainly just to sell the company. A lot of couples will find a third party who wants to buy the business. They then take the money that they earn selling that company and split it between them. This is a relatively fast and easy way to do things, but it’s not always what both people want. Are there any other options?
Buying half of the business
One option, if you want to keep the business but your spouse thinks it would be better to sell, is just to buy their share of the company yourself. You may do this by taking out a business loan and purchasing it from them, just as anyone else would. But you may also have options to give up other marital assets in exchange. For instance, maybe you get to keep the business and your spouse gets to keep your investment portfolio or your retirement fund.
Working together moving forward
Next, you and your spouse could continue being joint business owners. You can keep working together, even after your marriage has ended. Legally speaking, you don’t have to sell the business to divide ownership. It is already split between both of you. You can just draft a partnership agreement and redefine your relationship around that company.
No matter what tactic you decide to use, it’s important to know about all of the legal steps you’ll need to take.
