Business Partnership And Divorce
While many people who divorce end up never having to make a big decision together again outside of any children that they share custody over, two business partners who get a divorce could end up with joint decisions for many years to come.
If you are a business partner with your soon-to-be ex-spouse and plan to continue that aspect of your relationship, sit down with an experienced high net worth divorce attorney. He or she can talk with you about what is in your best financial interests moving forward in terms of the business partnership.
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While differences obviously crept into your marriage, should you allow them to have the same opportunity in the business you share? A family law attorney in Seattle can explain the ins and outs of the law and how staying together as business partners or including the business as part of your breakup would work.
So, are you ready to make that call?
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In sitting down with a family law attorney to discuss this matter, be sure to cover the following:
- Business – First, how is the business doing overall? If things are going well from a financial standpoint, do you see a possibility of being able to work together for the sake of the business? Although you obviously have had some differences in your personal lives that led one or both of you to seek a divorce, can those differing opinions be put aside to keep the business afloat?
- Responsibilities – Are you both sharing equal responsibilities when it comes to running the business? If not, would that change moving forward if you both decide to keep the business going? As an example, one person spends most or all of the time in the day-to-day affairs of running the office while the other individual is more behind the scenes. If this is the case, perhaps things could continue running with little or no drama?
- Future – Last, while it can be hard to predict financial trends down the road, if your business outlook is positive, why would you want to sell or even close the business for good? As long as the two of you can agree on daily operations and how the money will be allocated towards the business, it may behoove both of you to keep it running for the foreseeable future.