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Can I keep my business when I divorce?

On Behalf of | Jul 4, 2018 | Divorce

If you own and operate a business with your husband or wife, you know that this can offer the two of you a very good life together. It can, however, become a source of struggle as it has for many other Pennsylvania couples before you. The struggles can only get worse if your marriage starts to fall apart and you appear headed down the path to divorce. At this point you will want to carefully evaluate your options for the business you have worked so hard to create and build.

As explained by Forbes, some couples are successfully able to continue on as business partners even after getting divorced. Clearly this requires a strong ability to communicate and cooperate with your former spouse in the name of the business. If you are unable to do that for any reason, you may need to consider selling your business to a third party or having only one spouse continue to run the business.

If the latter is a choice you want to entertain, it will be important to identify which spouse most wants or would be able to keep the business. Some of this may come down to business ability but it may also come down to the ability to buy the other person out either in cash or in other marital assets.

This information is not intended to provide legal advice but is instead meant to give divorcing spouses who co-own a business with their partners in South Carolina some ideas of what they may choose to do with their companies during or after their marital dissolution.

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