No matter who you are, divorce is a life-changing event. It is one of the hardest events that a person has to go through and one of the most stressful. This is particularly true when the two of you own an Arizona business together. You began a business together, you believed it was a family business, how do you divide it in the divorce? Forbes suggests that the first step to dividing the business is to determine its worth through a third party appraisal.
You have more than one route in terms of splitting the business. If you have an amicable relationship with your former spouse, you can choose to keep the business as partners. If you can work together, then this may be a great choice. This only works if you two can work together and set your differences aside for the sake of the business.
Another route is for only one spouse to retain the business. In this situation, one-half of the couple buys out the other spouse’s interest. This is one of the most common paths for a divorced couple to take. It offers one spouse compensation for the business and allows it to stay in one person’s name.
The more severe option is to sell the business outright. This approach provides both spouses with the opportunity to pursue different interests outside of the business. Of course, this is more time consuming and can be an emotionally draining process to watch your business sell. Each approach has its advantages and disadvantages.
None of the above information is intended to be legal advice. It is for educational purposes only.