Weighing available business options at the end of a marriage

No matter how small the beginning, a family business can flourish over time. Perhaps you and your spouse have put a great deal of time and effort into the economic growth of your company, and what began as a concept has turned into an outstanding success. Chances are, you probably don't want to see all your hard work come to naught.

Unfortunately, it can be difficult to predict certain changes in life, such as the end of a marriage. If the two of you have decided to part ways, you may be wondering about the potential outcome of a divorce and how to protect the future of your family business in the process.

Options concerning businesses in divorce

In equitable distribution states, such as Pennsylvania, the division of assets doesn't necessarily have to be equal, but it must be fair. If you wish to retain ownership of the business, you might be able to relinquish possession of other assets to your spouse in exchange. However, in many cases a business will account for a great deal of a couple's wealth, and if exchanging assets isn't a viable option, you could consider the following:

  • Co-ownership:  Continuing as partners in the business can be one of the healthiest options concerning its longevity. However, this could be difficult to manage following a divorce.
  • Buy-out:  If you are unable to remain partners, buying your spouse's business interests is another viable option if you have the means to do so.
  • Sell:  If no other option is viable, you could consider selling the business and splitting the profit. Although this may seem undesirable at first, the money you acquire during the process might help you start a new business that is yours entirely.

With numerous factors to consider and the potential weight of each decision, seeking assistance from someone with experience in handling complex property division might help you gain a better understanding of what to expect moving forward and how to proceed.

Additional assistance

The division of property can be a stressful and daunting process, but it will likely have a significant impact on your financial future. Perhaps you have numerous concerns about the future of your business and wish to know more about the available options and their potential outcomes. You could speak with an attorney for guidance and assistance throughout this challenging life event. A family law attorney can address all your concerns and assist you in pursuing the most favorable outcome possible during divorce proceedings.

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