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Should you own a business with your ex-spouse?

On Behalf of | May 10, 2018 | Property Division |

Marriages fall apart for any number of reasons, and a lot of times the final straw is just that, the final event in a series of happenings that would not have been as destructive on their own. Ohio couples who find themselves in this situation likely did not plan to ever end up here, and if this describes you, now you are sifting through remnants of relationship you never wanted to end. 

What happens, then, if you and your spouse not only own a home together but also run a business? Maybe, in fact, you have a thriving company and still work well in that setting. Is it possible to keep the business even if you do not keep the spouse?

An article in Forbes suggests it is and provides some pros and cons for you to consider. The benefits of maintaining the status quo in your organization include consistency in a turbulent time. You both can go to work in your respective roles and not have to worry about changes on that front. Not having to sell any portion of the company or divide the assets is an added perk to the consistency that comes with the status quo.

The flip side of keeping the business is the difficulty of staying closely connected to your now ex-spouse. Considering whether or not you can do this well is something to think about. The Forbes article emphasizes the need to remain amicable with your former life partner and suggests if that is too difficult, maybe keeping the company together is not the best idea.

Not legal advice, this information seeks to educate the public about property division. 


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