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Here are 3 ideas for handling your business after divorce

You and your husband started out as business partners. It wasn't until after you'd worked together for a long time that you realized you loved being together and got married.

That didn't last forever, though. Between the stresses of taking care of your business and the stress of your life as a couple, you've both decided that it's time to split. The only problem now is that you don't want to split the business or work together.

What should you do in this situation? Is there a way to resolve your dispute? Do you need to sell? It all comes down to how reasonable you can be and how you'd like to move forward with your business.

Consider buying out your partner's share

One thing that some couples do is work together to buy out their partner's share. For example, if you want to run the business on your own, you may offer a percentage of your business's profits along with a large payout to your estranged spouse. If they would rather walk away from the business, the prospect of a lump-sum payment combined with an ongoing percentage of profits for a set length of time might be something they'll agree to.

Sell the business

Your second option is to look into selling your business. Both of you may be burned out and ready to move on from this business after divorce, so carefully consider if you want to keep it. If you don't, then put your business on the market. You may find that it's valuable enough to split the proceeds and move on without having to be concerned about losing your business in the past. It might also give you funding for your own new enterprise.

Continue as business partners with counseling

Finally, if you can manage it, you may be interested in continuing as business partners. Some people go through counseling to find ways to continue to work together. Others split their work obligations, so their areas of expertise don't overlap. Whatever you want to do to make things work can be effective, so long as both parties are willing to be respectful and to work together for the betterment of the company overall.

Your business is important, so take some time to sit down and think about how you want to divide it, save it or sell it. Your attorney can help with the legal documents you'll need.

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Law Offices of Indu Srivastav, APLC
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