The Family Business Post-Divorce

 Posted on January 10, 2019 in Property Division

Family businesses can be difficult to successfully maintain. Some believe that mixing family and business is a recipe for disaster; however, family businesses often become the pride and joy of the owners. Because the businesses are often built from the ground up, it is much more difficult to let them go. This is often a problem that divorced couples who own a family business face. Not only do they have a personal connection to their workplace, but those involved in family businesses often have often invested a lot of time and money into their business. Continue reading to learn about the various options divorced couples have when deciding what to do with their family-owned business.

Your Options

There are a variety of options available to those trying to figure out what to do with the family business while going through a divorce. Every couple’s divorce is different, some being a mutual decision while others happen by surprise. Regardless of the situation at hand, sometimes one has to separate emotions from business no matter how much time and energy they have put into their job.

1. Continue Owning the Business Together: Though this option does not work for everyone, some choose to continue running their family business in a similar manner. This is more common in couples that are mutually ending their marriage amicably. While you may decide to work different schedules and keep business meetings to a minimum, keeping the family business within the family is an option for some.

2. Buy Out Your Ex-Spouse: For most couples, working together post-divorce is unhealthy and unreasonable. An option for those who no longer want to be tied together personally or professionally is to have one spouse buy out the other. This will require legal assistance on both sides but is often a relatively quick and easy solution.

3. Sell the Business: Family-owned businesses are more than just a business to those involved. Memories become tied to the building and the business as a whole, making it extremely difficult to continue working in the environment. Many decide to sell their family businesses and have a fresh start. This can be due to the personal connection or financial burden that the business has once a marriage comes to an end.

Contact a St. Charles, IL Divorce Attorney For Help

Regardless of the decision you make in regards to your family business, legal assistance is needed to ensure that your rights are upheld. At Shaw Sanders, P.C. we understand that dividing a family business can be an extremely emotional time. Our attorneys have experience with divorce and business division. Contact our skilled Kane County divorce attorneys at 630-584-5550 for a free consultation.

Source:

https://www.forbes.com/sites/lawrencelight/2016/03/07/when-2-business-owners-divorce-what-to-do/