If you own a business, you undoubtedly understand how much sacrifice is required to build it. After years of pouring your blood, sweat, and tears into its success, the last thing you ever expected was to split it up in the process of a divorce. However, you have more than one option available to you, so it is important to fully understand them. Continue reading to learn more.
How Will Divorce Impact My Business?
There are a variety of factors that may influence how your divorce impacts your business.
Below is a list of some of the factors a judge will consider:
- When you formed your business is an important element in determining whether it is separate property or marital property. If the business was formed before you said, “I do,” it may not entirely be marital property. However, the growth experienced after you exchanged vows could be considered marital property.
- Your spouse’s role in the business, including time or other contributions made to the business’s operations, will also be considered.
- If you have documentation that establishes ownership interests in the business, this can help make the situation clearer and less complicated.
If you want to avoid dividing the business, you can buy out your spouse’s share by offering a bigger cut of marital assets. For those who are not interested in keeping the business, you could agree to sell it and divide the profits.
Not all divorcing spouses end their marriage on bad terms. If you have an amicable relationship with your ex and believe you can continue to make the business work as co-owners, this is another possible option. Holding onto the business as co-owners can be risky, but it is a risk you would both be subject to.
Reach Out to Our Experienced Divorce Team to Request a Case Evaluation Today!
If you own a business and would like to end your marriage, the Columbus divorce lawyers at Poydasheff & Sowers, LLC can provide the experienced representation you need to protect your interests. We understand how hard you worked to create and build your business, which is why you can rely on us to help you choose the best course of action for your future.
Get started on your divorce case by reaching out to our law firm at (706) 705-5777 to request a case review with one of our attorneys and learn more about what we can do for you.