In many cases when people get divorced, they have to divide the assets that they own. If some of these assets are not financial in nature, they may have to be sold. This allows the couple to split up the money that they earn.
A family business is one example of this type of asset. A married couple may have started a business together, for which they may have established equal ownership interests. If they decide to get divorced, they find someone else to buy the business. They both sell it and divide the earnings.
But is this the only option that they have? If you’re in this position, do you have to sell?
2 additional options
There are actually many different options, and selling is not always necessary. It can be done because it is easy, but it’s not the only option.
For example, if you would like to keep the entire business but your ex wants out, you could buy their share. You may be able to give them other marital assets in trade, or you may have to buy their share by finding investors and taking out a loan, or something of this nature.
Another option may be to continue having each spouse own their respective share of the business and continue operating the business. Your marriage isn’t working, but the business is successful. You may be able to retain the current partnership agreement or establish a new partnership agreement, so that it is possible to continue working officially as business partners. Even after you get divorced, you don’t have to sell the business and lose that source of income.
What option is the best for you? That will depend on the unique factors of your case. Just be sure you know about all the legal options at your disposal.
