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Dividing your family business in a divorce

Posted On May 27, 2020 In High Asset Divorce

Many married couples start businesses together and may find that collaborating at work and at home brings them closer together. For some couples, however, the stress of being together professionally and personally may contribute to challenges in their marriage. When a business-owning couple decided to get divorced, they must figure out what to do with their business. If you are in this situation, you have several options to consider. 

As explained by Forbes, you and your spouse might feel it is best to leave your business altogether, partly because of the memories it may have of your marriage. In this situation, you will need to agree on a valuation for your business. This may require you to hire an independent third party to help determine the value of your company. You will also need to determine what percent of the business value each person owns if it is not equally shared. 

If you would like to buy your spouse out of the business and continue running it on your own, you will still need to agree on a valuation so you know how much money will be required to buy the other person out. If you feel that you and your spouse can work effectively together in a professional setting even after getting divorced, you may choose to keep your business as is. 

If you would like to learn more about how you and your spouse might decide what is best for your business when you are getting a divorce, please feel free to visit the marital divorce for business partners page of our Arizona family law website.