When your spouse tells you that they want to get a divorce, you are certainly sad about the end of your marriage. But you also knew it was coming, and you think it is the right move.
What is more concerning to you is what will happen to the family business that you and your spouse built together. You know that you have to divide marital assets. One of the simplest ways to do this would be to find someone else to buy the business. Once you sell it, you and your spouse can split up the money that you made.
But what if you don’t want to walk away from the business? Maybe you love the company itself, or the team you’ve built. Maybe you’re just invested in this company and you see it as your main source of income moving forward. Is there any way you can keep it?
2 options to keep the business after divorce
There are two main options that you can use, the first of which is buying your spouse’s share. They may want to sell the business because they just want to get their money out of it during property division. You could potentially trade them other marital assets in exchange, or you could come up with the money to buy them out directly. Once you do, then you are the new sole owner of the business.
The second option is that you and your spouse don’t have to sell the business at all. You could just become official business partners. This doesn’t work for some couples because of the emotional baggage of the divorce. But if you have an amicable divorce where you’re both happy and you see that the romantic relationship has run its course, you may still be able to work together professionally.
Every relationship is unique, but you can see why it’s so important to know about all of the options at your disposal.