If the person you are married to is also your business partner, you may be wondering if divorce will necessarily mean the end of the business. While this can happen in some cases, it is certainly not obligatory. You’ve likely worked hard to build the business, so, provided it is doing OK, it could make a lot of sense to keep it running.
Which option you take will depend on several things. For example:
Do you both still want to be involved in the business?
If one of you wants to use the divorce this an opportunity to exit the business and do something different, then the other party may just be able to take their share over. They’ll have to compensate the other party in some way which can typically be achieved when dividing the other assets.
Can you still work together?
Maybe you both still love the business you set up and believe that by separating your personal lives you will be able to continue as business partners. Sometimes this might only be possible where one party takes a significant step back, or where you separate departments of the business so you each have control of a particular area without the need for too much consulting with each other. In other cases, it is not a realistic option at all.
Sometimes, selling up is the most feasible solution
If you cannot agree on how you will handle the business, you might be best selling it, splitting the profits and using the money to move onto new individual projects. One thing to remember though, is that if the business is doing well, finding a way to retain that source of income could be beneficial.
Learning more about your options can help you make appropriate decisions in this and all other aspects of your divorce.