Most couples have complex and intertwined assets that can be difficult to separate in divorce, but those who co-own a business can have an especially trying process ahead. If either or both parties also wish to protect the business and keep it running, there is yet another layer of complexity added to this issue. If you are filing for divorce, have a joint business, and wish to protect it in divorce, the following information can help.
Separating and Saving a Joint Business is Complex but Not Impossible
Starting and running a business has always required an investment, but today's business market has made things even more time and resource intensive. This is why so many newer companies are jointly owned—or have investing partners. Sometimes, these joint owners or partners also happen to be married. This can be a positive thing for couples who enjoy spending time together, but if the marriage eventually ends, the stress and worry over the company and its future can create a great deal of conflict during the divorce process.
Rest assured that while dividing business assets in a divorce is a complex and potentially emotional process, it can be done. In fact, as long as you choose an attorney that has experience in handling business division in divorce, the process can be completed with a fair amount of compromise. Depending on the circumstances, the business should be able to survive the divorce and continue to operate with limited impact....