Divorce is a complicated process regardless of your circumstances. But what if you and your spouse own a business together? This can seriously complicate things.
It’s not uncommon for a couple to own a business together. But if you co-own a family business and have decided to divorce, you are likely wondering what your options are. Adding a business into divorce agreement negotiations can make the proceeding even more challenging.
As with any aspect concerning marriage, some specifics will need to be handled when determining how you want to handle a business you and your spouse co-own. Here are some things to consider and your options:
Mediation is one of the best ways to settle issues regardless of which option is suitable for your situation.
When mediation is suitable for your situation, there are many benefits to choosing this forum. Settling business matters through mediation saves money and time and generally leaves the parties in a better state of mind. Mediation allows the parties involved to focus on the underlying circumstances rather than narrow legal issues.
For mediation to work, you and your spouse need to get on the same page about the terms of your divorce and your business. You’ll need to agree on most things and not become seriously argumentative about things you don’t see eye-to-eye. You must both be willing to compromise.
At The Betz Law Firm, we are experienced divorce and family law attorneys. However, our principal partner, David Betz, is also experienced in resolving cases through mediation. As a firm, we are committed to guiding our clients through the divorce process with the same level of professionalism that we would wish for our family members.
Our firm uses experience, good communication, and availability to help families navigate life-changing events.
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