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Parties must work through a variety of issues when getting a divorce. For those who have a business, these things tend to compound.
To make the divorce process work for them, those involved must understand the different aspects of the process. Particularly in regards to businesses in divorce, there are a few key considerations to keep in mind.
Obtaining a business valuation is a critical first step in deciding the outcome of a business during divorce. As the name indicates, the valuation determines the value of the business, which the courts use in the process. While parties may choose different ways to assess the business value, it is advisable to have the valuation completed by a professional.
In cases where only one party is involved in the business, it may be possible for that party to limit the impact of the divorce on the business. Particularly in cases where the party shares the business with at least one partner, a buy-sell agreement may be helpful. This type of agreement determines the distribution of a business under various circumstances, such as death or divorce. With these stipulations in place, a party can limit the aspects of the business included in the divorce proceedings. However, for it to apply, the buy-sell agreement must be in place before the divorce proceedings begin.
When both parties share in the business, parties may consider dividing the business through a few ways. If the two would rather not work together, they can sell the business to another party, or one person can buy the other out of the company. For those still wanting and able to work together, they may choose to continue working together and simply create a business agreement that clearly details their shared ownership.
While these are not the only considerations parties should be mindful of, addressing these things can aid in making the divorce process easier. It may also be beneficial to review the divorce laws in full.
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