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January 09, 2018

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On behalf of The Powell Law Firm

| Divorce

3 options for the family business in a divorce

When you and your husband opened your business in Pearland you probably did not have divorce on your mind. Unfortunately, now that the end of your marriage is looming, there are a series of tough decisions you will have to make. For instance, you will have to decide if you want to keep the house or sell it and split the profits.

You will have to make similar decisions concerning the business. Will you stay in and try to continue working with your soon-to-be ex-husband? Or are you thinking about selling your half to him and starting your own business? The following are some options that might be available to you in regard to the family business if you plan to divorce.

Keeping co-ownership

If you choose to stay in business with your husband, you may be in for a few challenges. You will have to maintain a close working relationship with your ex. In order to make this work, the two of you will have to be amiable. However, there are a few benefits of keeping your interest. First, you will not have to worry about hiring an appraiser to value the business. In addition, you get to continue building the business you started years ago.

Buy out your ex

Another option is to buy out your ex’s share of the business. To do this, you will have to put the business through the valuation process to determine how much you will have to pay to your ex. You will be able to either pay for his share in cash or trade other marital assets. If neither of these options appeals to you, he may be willing to agree to an installment payment plan where you make payments over time. On the other side, he might prefer to buy you out.

Outright sale

If neither of you have any interest in continuing the company you started together, then the two of you can sell the business and split the proceeds. Like with the buy out option, this will involve hiring an appraiser to value the company so that you know how much to sell it for.

If you are considering divorce and own a business, there are several options available when it comes to either keeping or dividing the company. Be sure to choose the route that is best for you and the life you want to lead once you finalize the divorce.

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