Handling your divorce properly when there’s a business involved

On Behalf of | May 19, 2022 | family law |

When a couple decides to get divorced, it can have a major impact on their business. That’s why it’s important to take steps to protect your business interests during the divorce process.

What is the value of the company?

You’ll need to determine how much the business is worth so that things become easier when you decide to divide it. To get started, you can hire a business appraiser who will go through your financial records and come up with a fair valuation. This is important because you don’t want one person to end up getting the short end of the stick.

How will you be running the company?

If you’re planning on running the company together after the divorce, then you’ll need to have a plan in place. This includes things, like how you’ll be making decisions and what will happen if one person wants to sell their share of the business. You’ll also need to think about things, like custody arrangements for any children you have.

Who will be the primary owner?

There’s a good chance that one person will end up being the primary owner of the business after the divorce. This is often because one spouse may not want anything to do with the company anymore or they may not be able to handle running it on their own. If you’re the primary owner, then you’ll need to take care of things, like employee health insurance and other benefits.

Dividing the company

If you’re not planning on running the company together, then you’ll need to figure out how to divide it up. This can be a complicated process, especially if there are multiple partners involved. You’ll need to think about who will get what share of the business, how you’ll transfer ownership, and so forth.

If you’re facing divorce and you jointly own a business, then it’s important to keep these things in mind. By doing so, you can make sure that the process goes as smoothly as possible.