Divorcing spouses in California who own a business together most likely face a wide range of challenges. Not only do they have to dissolve their marriage, but they’ll need to figure out what to do with the business. A business owned by a couple is usually included in the assets to be split during the divorce.
Some options for couples
There are several options that couples can consider when dealing with a business during a divorce. One option would be for one spouse to buy out the other spouse. This is a particularly popular option when only one half of the couple is licensed to run the business; that party will usually buy out the unlicensed party. This is also a viable option if one spouse plans on moving away after the divorce.
Another option that a couple may consider is to continue running the business together. In many cases, this makes the most financial sense, especially if both parties are equally financially and emotionally invested in the business. This scenario would only work for couples who have an amicable parting. This may not be a viable solution for a couple who is experiencing an acrimonious divorce.
A third option that many couples consider is to simply sell the business altogether. This is usually a solution in situations where neither spouse can afford to buy out the other. Keep in mind that this could become a contentious issue if one person does not want to sell the business at all. Couples in this case will need to seek out help from legal professionals who have experience handling property division.
How can couples get help negotiating their business interests?
Divorce is difficult, and it’s extremely tough when a business hangs in the balance. Individuals may benefit by working with family law attorneys who have experience with handling the financial aspects of divorce.