Owning a business with your spouse can be great—after all, two heads are better than one. When you’re married, you’re usually on the same page. But what happens when married business partners decide to split up?
There are over a million married couples running businesses together, according to the National Federation of Independent Businesses. During a divorce, many people opt to walk away from the joint business to save themselves future headaches and hassles. Before you make such a huge decision, you’ll need talk to both your spouse and your Chapel Hill divorce lawyer about your options.
Leaving the Family Business Behind
Only your Chapel Hill divorce lawyer can provide you with legal advice that’s specific to your situation. However, you’ll probably have several options available.
First, you’ll need to calculate exactly how much your business is worth—called business valuation—to help you determine your course of action. You may choose to allow your spouse to buy out your half of the business or to sell it entirely. After discussing the pros and cons of each scenario with your Chapel Hill divorce lawyer, you’ll be able to make an informed decision that benefits you in the future.
Dividing Things Equally
North Carolina laws protect people from losing all their assets during divorce. Equitable distribution of marital property means that the court will help divide property, including businesses, when the parties don’t do it themselves.
Your Chapel Hill divorce lawyer might recommend that you try to work out an agreement with your spouse instead of fighting through the court system. Generally, couples who have a hard time coming to an agreement can benefit from mediation or arbitration, which can save both time and money.
Some people choose to split the business in two and continue to each operate on their own. For example, a pair of dentists might simply part ways and keep practicing in separate offices. Only you can make the best decision for your business and your future, and you can do that by relying on the advice your Chapel Hill divorce lawyer gives you.
