You and your spouse are more than just romantic partners. You are also business partners. Shortly after you got married, the two of you launched a company together, and you have both been working there full-time ever since.
So what happens if the two of you get divorced? The business qualifies as a marital asset, and you both have an ownership claim, so how do you address it during property division?
Nothing has to change
First and foremost, remember that you do not necessarily have to do anything differently with the business. Maybe you and your spouse are on good terms, but the marriage has simply run its course. You can still work together as business partners.
One of you could keep the business
If the two of you do not want to work together, which is understandable after a divorce, then one of you may decide to stay with the business while the other person leaves. In order to satisfy property division, you may have to give up other marital assets to be granted full ownership of the business, or you may have to use loans or other financial resources to buy out your spouse’s ownership share.
Selling to a third party
In some situations, a couple finds that the easiest solution is simply to sell the company and be done with it. After all, the business may be fairly valuable since you have been working to grow it for years. The easiest way to divide this marital asset may be to sell it and then split the money that the two of you earn.
No matter what you decide to do, addressing business ownership during a divorce can be complex. Be sure you know what legal rights you have and what steps you will need to take.