The National Federation of Independent Business estimates that there are more than 1 million husband-and-wife business partnerships. Considering the divorce rate has remained relatively stable during the recession, it is only natural that some of those partnerships end in divorce. Almost all divorces can get tricky when it comes to dividing assets; however, co-ownership of a business makes the separation much more complicated.
Some simply decide to sell the business and split the assets. However, it is difficult to sell a small business, especially in the current economy. It is important to consider other options.
For example, you might consider a split of the business. This is generally possible only when you and your business partner have independent clients, such as a doctor’s office. Alternatively, the couple could remain in business as a partnership. This is difficult for obvious reasons. One way to reduce the possibility of making hasty decisions to spite the other is to bring in an independent board of directors. A more common solution is for one of the spouses to buy the other out. This requires a good accountant to help value the business.
As with any divorce, it’s especially important to have a knowledgeable attorney when a business is on the line. Contact a Jacksonville Divorce Attorney to discuss your situation.