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Your family business will be front and center in the divorce

When you and your spouse are facing divorce, property division will be much on your mind. Outside of your marital home, the family business may be your most important asset. If you are both involved with the business, there will be an emotional as well as a financial attachment. You and your soon-to-be-ex may have put a great deal of time, money and brainpower into building the family business.

There are pros and cons about each of the options for keeping it or letting it go, and you will want to weigh them carefully so that the fate of this particular property will be acceptable to both of you.

Pursuing a buyout

Your business is an asset from both a legal and financial point of view. You could consider selling your half to your spouse, or perhaps your spouse would welcome selling to you. First, you will need to engage the services of a business appraiser to provide a valuation of the business. Once you and your spouse have that figure, one of you can buy the other out. If raising the funds to do so is a problem, the spouse who purchases might consider giving up another asset to seal the deal.

Continuing as partners

If your divorce is amicable, and the business means a lot to both of you, how about continuing as partners? If you believe you can work together as co-owners after the divorce is final, this might be the best solution. You will not have to go to the expense of obtaining a valuation, and you will both keep your respective portions of the business.

Selling the business outright

The other option you can consider is that of putting the business up for sale. Once again, you will need a valuation to arrive at the appropriate selling price. One drawback to this choice is that until the business sells, you and your spouse may have to go on working together. However, when a sale finally occurs, you will both have extra cash to do with as you wish.

 

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Law Office of Philip J. Schipani
1605 Main Street, Suite 608
Sarasota, FL 34236

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