You and your spouse are getting divorced, so you know that that means it’s time to divide your assets. Marital property has to be split up between the two of you. Separate property is often just retained by the owner.
The problem is that some of that marital property is a business that the two of you run together. You are both owners. In order to split it up, does this mean that you have to sell the business? That would give you the ability to divide the money you earned when someone else took over the company.
But you may find that you don’t actually want to leave the business. You don’t want your divorce to define your career, and you’re proud of what you’ve built.
One potential option would be to buy your spouse’s share. Maybe they want another expensive asset, like the family home, that you can give them. Or, perhaps you need to take out a business loan and use the money to buy their half of the company. Either way, you can buy them out and continue to run the business.
A less common option is just for both people to keep working together, even after the divorce is finalized. You’re not required to sell the business. You just have to divide assets. If you both stay at the company as co-owners, you may need to redefine your relationship – into a professional one instead of a personal one – but you can both keep running the company together.
Of course, things like this can certainly get complicated. Carefully look into all of your legal options at this time.