When you are going through a divorce with your spouse, you often deal with the emotional trials and physical losses involved in the process. During your North Carolina divorce, you and your spouse will have to divide assets and if you have children, you will have to work out a parenting plan and child custody. What happens if you have a business? How can you split your business during a divorce?
Between you and your partner, you have to decide what your intentions are and how much either of you want to be involved in the company. Forbes suggests that your first step should be to determine how much your business is worth. Once you know your company’s worth, you can consider your options for business division.
One option is that both of you can keep the business. In order to use this method, you have to be able to work past any emotional issues between you and your spouse. You have to be able to remain on friendly and professional terms. If you cannot run the business together, then you may want to consider selling it. The two of you can sell the business together and then split the money. With your cut, you can put the money into your own business interests. The final option is that one of you can keep the business. In this case, normally one of the owners buys out the other person’s and becomes sole owner.
The above information is to explain how to divide a business. It is not to meant to be interpreted as legal advice.
