Life after a divorce in Texas can mean dealing with many changes. Some couples going through the divorce process and the changes that come with it also work together. Divorcing a business partner can feel overwhelming. Here’s how to navigate divorcing someone you also own a business with.
Can you two still work together?
The first thing to determine when divorcing a business partner is if you two can still work together. If you and your former spouse currently get along well, remaining business partners might not be such a challenge. It can also mean not having to deal with any major changes after getting divorced.
Get any agreement in writing
Regardless of what you and your ex-spouse agree on, make sure everything’s in writing. During a high-asset divorce, you don’t want to leave anything to chance. Getting agreements on paper also prevents anyone from going back on their word.
Avoid letting your emotions take over
Divorces can feel stressful for any couple. Concern about your business makes things even more difficult. While you’re going through so much, it’s imperative to avoid lashing out at your former spouse. This behavior only hurts your chances of achieving a favorable outcome in the eyes of your local court.
In conclusion, divorcing a business partner comes with challenges. Fortunately, it’s not the end of the world if you and your former spouse can’t agree on the future of a shared business. It’s always possible for one party to buy out the other party’s share of a company. Some divorcing couples continue sharing ownership of a business but avoid working together directly.