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What to do with your family business in the divorce

Did you know that nearly four million companies in America are run by married couples? If you are part of this statistic, you know that running a family business is hard work. Getting a divorce can also be difficult. When you put the two together, you may feel an overwhelming amount of stress. Managing your business while splitting up with your spouse may be hard, but it is possible to get through it if you surround yourself with the right professionals and receive the proper advice. 

You may have concerns about where your business will end up once your marriage is over. Here are some options you have for dealing with the company during divorce.

Buyout

If you own your business together, consider it just like you would for any other marital asset that belongs to both of you. You must divide the company if you are not going to run it together anymore. The one who wants to continue operating the business must buy the other one out. You can do this via cash or other marital assets. Before you pursue this option, make sure you determine a buyout price by getting a valuation. 

Joint ownership

Believe it or not, you and your ex may be able to continue running the company after your marriage. If your breakup does not stop you from being respectful, this may be a route you choose to take. Only do this if you are able to maintain a professional relationship. If things remain ugly and contentious, this may not work out well. 

Sale

It may be that figuring out how to deal with your venture is next to impossible. Divorcing and dividing assets can be fraught with conflict and neverending disagreements. If you cannot agree on how to deal with your company, you may just need to sell it and split the profits. This may be frustrating, but in some situations, it is the best option.

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