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Your family business will be the focal point in your divorce

If you have minor children, their welfare will be top of mind if you are facing divorce. Running a close second, however, will be the fate of the family business.

Whether you and your spouse started this enterprise or are managing a family company that has been a going concern for decades, you have to decide what to do with it. Here are three options to consider.

Keep it and carry on

Some couples remain on good terms after their divorce, and some even continue to work together. If both you and your spouse are responsible for the success of your business, it would be hard for either one of you to leave it behind. If you believe you and your soon-to-be ex can continue as business partners after the divorce is final, you can avoid the changes that a parting of the ways would bring about.    

Offer a buyout

One of you could buy the other out. Your business is an asset, just like your marital home, your investment accounts and your vehicles. If this approach interests you, a valuation must be placed on the business. You would either have to come up with the funds for the buyout or work out what you could offer in the way of an asset that is of like value.

Sell it and turn the page

Perhaps you and your spouse feel the best solution is to sell the business outright, divide the profits and move on with your separate lives. If the business is successful and well-established, you would likely receive a tidy sum that would contribute to a secure financial future for each of you.

Look to the future

When the parties in a divorce action are also co-owners of a company, that venture is the focal point and the entire matter becomes more complex. The goal, as in all divorces, is to work toward the best outcome possible for the divorcing couple and their family business.

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Hajek & Beauclaire LLC LLCExperienced Minnesota Law Firm

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