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How to keep a business thriving after divorce (PART 2)

 

In the first part of this two-part post we discussed the complications that may arise when a couple owns a business but plans to divorce. The worst-case scenario is that the two individuals decide to liquidate the business and split the proceeds. But some ex-couples decide to go a different route and keep the business running.

There are many ways to go about this. For some, it may mean giving up his or her portion of the business and reinventing their future. While one spouse continues to run the business, the other individual takes the cash payout and begins a new career or starts a company of their own.

 

In order to make this decision, it can be useful to treat each other like strangers. If you go into negotiations carrying all the emotional turmoil from the marriage, it may be difficult to come to a workable conclusion. It is recommended that you put your emotions aside and work with each other as if you are two unrelated business owners who need to negotiate a workable outcome.

Finally, and often the most difficult, some ex-couples may decide to keep working together. While this option may seem impossible, plenty of ex-couples have done it. The two individuals obviously have to be able to communicate in an effective manner and be able to reinvent their working relationship. That may mean having to set clear guidelines and boundaries, and having a very clear distinction between their business lives and their personal lives.

If you are dealing with this scenario, having an attorney on your side may help alleviate any hard feelings or fights. An attorney can be a third party that can rationally look at the situation and try to find a workable outcome. 

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