Michael E. Golub, P.A.

How do I handle divorce with a family business?

For many couples, the ability to own a business together is a dream come true and many make this work very well. Married couples certainly should know each other's strengths and weaknesses and how to communicate with each other and these things may well contribute to the succesful running of a business. However, when the marriage sours, deciding what then will happen to the business can be tough. If you are in this situation, you will understand this all too well.

Forbes explains that you have a few options and reviewing each one is wise before making a final decision. One of your options is to shut the company down altogether. This may be a choice to consider if your company is also having financial challenges and neither you nor your partner can afford to keep it running. You may be able to sell your business which allows the company to survive yet releases you from responsibility and may even provide you with some cash.

Sometimes one spouse wants to keep the business so the other person might buy them out. This buy out could take different forms and in a divorce that might involve how your other marital assets are divided. Another option that actually works for some people is to remain business partners even after getting divorced.

This information is not intended to provide legal advice but is instead meant to give residents in Florida some ideas they should consider when getting divorced from a partner with whom they also own and run a business.

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