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Do you need to sell a family business during a divorce?

On Behalf of | Jul 10, 2023 | Family Law

As business owners, you and your spouse have always found it easy to work together. In fact, your skills complement each other, which is why you decided to start a business in the first place.

But now the two of you have decided to get a divorce, and you’re no longer going to be married. You have to split up your assets, so you believe that you’re going to have to sell your family business. But is that true? Are there no other options?

Selling half of the business

There are two other main options, besides selling the business and splitting the earnings. The first is just to sell half of the business. Maybe you no longer want to work with your spouse and you’d like to sell, but they don’t want to lose the company and they would like to keep working there. If they can get a business loan for the amount of money required, or if they will trade you other marital assets, then you may be able to sell them your half of the business.

Continuing to own the business

The other thing to keep in mind is that your business ownership situation doesn’t have to change at all. The two of you can just keep on running the business together, as you did when you were married. Since you have complementary skills, this may be best for the business anyway. Of course, you and your ex would have to decide if this is something that the two of you are able to do, as it is not something that all couples can manage after divorce.

Either way, this shows you that you certainly have more options. Carefully take the time to look into all of the legal steps to take during their divorce.