Couples going through divorce have a lot on their plates. Couples who are business partners? Even more. In essence, your business is also going through divorce, and that business has its own set of legal, financial, and emotional considerations.
Understanding your Options
Even if you are legally divorced, your business partnership remains intact until you take action to formally dissolve it. For some divorced couples, choosing to remain formal business partners even as ex-spouses is an arrangement that works. However, if you reach a point in your business partnership where it is time to separate or dissolve the business, you have a few options.
The most common scenarios include one partner buying out the other partner’s share of the business, or selling the business altogether and splitting the profit with your ex-spouse. In both situations, it is important to hire a business appraiser to conduct a valuation of the company. In doing so, you’ll ensure that you are getting your fair share of the business’ assets.
Legal Steps to Dissolve the Business Partnership
As business partners, you and your ex are responsible for any debts, taxes, and other business liabilities and agreements that were entered into as a business. Get in touch with us and we will guide you along with the assistance of a business attorney on the best ways to navigate your rights and responsibilities during this time. Importantly, you must also provide a written statement of dissolution with the Secretary of State.
Because each business is unique and each business partnership is unique, it’s wise to always consult a business attorney to fully understand your options. For couples, their shared business is considered a marital asset so any decisions made regarding the business may also impact divorce outcomes.
As you consider the next steps for your relationship – both personally and professionally, please get in touch with us at the Vasquez de Lara Law Group. We can assist you with your family law questions and connect you with other experts as well.