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Do you need to sell your business during divorce?

The end of your marriage is one thing, but what if you and your spouse are also joint business owners? Maybe you got married and then, shortly after tying the knot, decided to open a small business together. Since you were married already, you split ownership 50/50.

The problem you’re running into now is that you don’t know how to divide the company. It feels like the only real solution is to sell it to someone else and split up the earnings. But this means losing your business along with your marriage. Do you have to do this?

You do have other options to keep the business

There are a few ways to keep the business. First and foremost, if the two of you think that you can manage it, you don’t have to sell or divide the company at all. You can continue working together as joint owners, and you can still share the business on a 50/50 basis. If you don’t want it to, the divorce doesn’t have to change your working relationship at all.

If that feels like it will be too difficult, though, you can also buy half of the company yourself. You may be able to do it with a business loan, by finding an investor or by giving your spouse other assets that you own. You then buy out their share and become the sole owner.

Finding the right solution for you

As you can see, you do have options, and it’s all about deciding what will work for you specifically. Many law firms are all too happy to tell you what you want to hear so you hire them to represent you in your divorce. Akiona Law tells people what they need to hear with an honest approach.