Divorce can be very complicated for business owners. This is true even if you own the business on your own and your spouse isn’t involved. But it gets even more complex if the two of you are joint business owners.
During the divorce, one simple way to address property division is to sell the business. Then you just divide the proceeds and move forward with the divorce. But what if you want to keep working at the company? Are you obligated to sell?
2 other options
You’re not obligated to sell, but you actually have two other options. The first is that you can buy your spouse’s half of the business from them. Maybe you have an investor or a financial institution that will give you a loan to do so, or maybe you want to give up other marital assets. Perhaps your spouse wants to keep the family home, so you agree to let them have full ownership of the home in exchange for full ownership of the business.
The next option is for you and your spouse to continue working together even after you’re divorced. Some people can’t imagine the idea of working with their ex, often because it was a high-conflict divorce, so this doesn’t work for everyone. But others are going through a relatively amicable divorce and recognize that they both make the business more profitable than it would be without them. They will continue on as business partners, even though the marriage is over.
Exactly how you want to address this will depend on the unique details of your situation. Be sure you know exactly what legal options you have.
