No one is completely safe from divorce. Even celebrities find themselves in divorce courts all the time. Families owning big and successful businesses, as well, may also find themselves under the wings of a divorce case.
Generally, a divorce can get very messy and it might just get even messier when you throw family business into the equation. This means that there are more properties to take care of and more decisions to make.
When spouses open a family business together, the excitement of starting a venture together completely envelopes their mind to the point that usually, they forget to take into consideration the possibility of separation of marriage termination. As a result, their business is not divorce-proof.
Nonetheless, here are some tips for spouses, at the same time business partners, who are undergoing a divorce or are divorced.
Continue the business together
Ideally, the business and the personal relationship should not be mixed together. However, in reality, this cannot be avoided for some. If it is possible to continue the business together, we suggest that you do. If you have the power to set aside personal feelings and focus solely on taking care of business matters then do so.
However, if continuing the business together is too much for you to handle, you need not to worry for there are several other options you can turn to.
Sell your share or buy their share
If continuing business together is out of the option then you may also opt to sell your share of the business to your spouse or to another party or if your spouse is willing to sell his/her share, then you should definitely acquire it.
This option, however, might be quite tricky. Both parties will definitely want to keep the business solely. It is uncommon for the other spouse to be willing to sell his shares to the other spouse.
Consider selling the business
Selling or buying each other’s share of the business may possibly cause more conflict between the divorced spouses; hence, you might as well consider selling the business. This is a fair option since both of you will be placed in the same position. The sales will then be divided equally or proportionally between you two.
Consult the lawyer or the adviser
The opinion of a lawyer or of an adviser as regards to the issue at hand, which is the family business, is very important. Hear out what they suggest or advise you to do before making any decision which you might just regret later on.
Moreover, if we are talking about just one business or more than one family businesses, you will be in need of the services of a family lawyer. Choosing a reliable lawyer is important especially in these cases. Fortunately, law firms have made it easier for prospective clients to get to know their services. Have a look at http://www.franklinfamilylawattorney.com/divorce/ to know more about how their attorneys handle divorce cases like yours.