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Splitting up a business during a divorce isn’t easy

| Jan 10, 2020 | Property Division |

The number of U.S. small businesses run by married couples hovers somewhere around a few million. The fact that so many smaller companies are family-owned and run can make things difficult if a couple decides to divorce. While many spouses find a way to work together even after they split, others are unable to do so. No matter what path they choose, splitting a business up during a divorce requires some legal wrangling to do so.

If you two decide to try to keep your company intact, then you are going to need to start seeing each other more like business partners instead of lifetime mates. You’ll need to be able to prioritize your company over your relationship. You’ll want to discuss what impact your impending divorce will have on your interaction on the job.

You two may benefit from having an attorney draft a new business plan or operating agreement for your business as you look to finalize your divorce. This may more clearly spell out your newfound responsibilities and how you’ll handle financial matters as your company enters this new phase. You’ll want to keep your employees abreast of how your divorce impacts the chain of command and whether how things are handled in the workplace will change.

If you two struggle in finding a way to get on the same page with one another, then it may be the right time to go ahead and part ways in both your personal and professional lives. Walking away from both your marriage and your business can be hard to do. Your divorce attorney can help you negotiate more contentious matters such as child custody, spousal support or property division with your ex on your behalf. Your family may benefit from having a counselor to assist you in navigating this transition in your life.

Deciding to walk away from your business isn’t an easy decision. You may want to meet with an appraiser to see what it’s valued at. If you decide to relinquish your rights to the company, then you’ll want to strike an agreement with your ex to receive other valuable assets or cash for doing so. An attorney here in Hamilton can help you send a message to your ex that not everything is up for grabs and that you two must negotiate a settlement in your Ohio divorce case.

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