If you and your spouse own a business together, you may both put significant time and effort into turning it into a successful endeavor. Building a thriving company together can be a rewarding experience, and the parts you both play in the company could play a significant role in your lives.
Unfortunately, life might not always go as planned, and if you and your spouse decide to part ways, you may have questions about what will happen to the family business. Seeking guidance on the role the business might play during your divorce could help you better prepare to carefully evaluate all your available options.
Addressing the options
The family business can play an integral role in the outcome of a divorce, and there may be numerous options to consider when preparing to make informed choices about this asset, such as:
- Work together: While it may be possible for you and your former spouse to continue working together in the business after a divorce, sometimes it might be challenging to maintain such an arrangement.
- Buy-out of interests: You may also have the option to seek sole ownership of the company by buying out the other party’s interests in the endeavor, but this might not always be a feasible solution.
- Negotiations: Another option to consider could involve the notion of relinquishing ownership of other assets in exchange for sole possession of the company during divorce proceedings.
- Sell the business: In some cases, the best path forward may involve selling the business and dividing the proceeds. You may be able to use these proceeds to start a new endeavor on your own.
The best path forward may vary, depending on your situation. With so much at stake, it could be in your best interests to seek advice in preparing to thoroughly evaluate your situation.
Seeking guidance
Addressing assets, such as a family business, can be one of the most complex aspects of preparing to dissolve a marriage. Seeking advice on every vital topic to consider and in evaluating all your available options could prove essential to helping you prepare a strategy for what comes next. This type of advice could play an important role in helping you make informed choices about your situation and help you approach your future with peace of mind.
At Dowan Law Offices, we have extensive experience in divorces involving Kentucky family businesses. If you have questions about these matters, we encourage you to contact us in Elizabethtown to arrange a free initial consultation.