You may be worried about losing your family business if you get divorced. Perhaps you and your spouse started the business jointly, so you are equal co-owners. You know that you have to divide marital assets, and you believe that includes the business, so you think the only option is to sell that business and split up the money.
Many people face this fear. And it is true that selling the business to divide the money is one of the more common tactics couples use. But it is certainly not the only option.
Continuing to work together
For example, one potential option is for you and your spouse to keep working together as co-owners after your divorce. This doesn’t work for all couples, because it may be too difficult emotionally to keep working together. But if it does work for you and your ex, then you can create an official partnership agreement, redefine your relationship on professional terms, and continue working together.
Only selling half of the business
Another potential option is just to sell half of the business, rather than selling the entire company. For instance, maybe you want to keep working at the business, but your ex is fine moving on. They would rather have the family home, which has roughly the same value. You could allow them to take the family home in exchange for their half of the business. Alternatively, you may consider a business loan or investors.
There are often multiple options during divorce. An important part of the process is simply sorting through what they are and how they may impact your legal rights.