Last blog post we discussed the scenario of going through a divorce when your spouse is your business partner, and about how the business is valued during that process.
Today we will discuss the many options available to spouses once they have found the business’ value, and are ready to divide it.
First off spouses have the option of buying each other out. If one person wants to retain the business, they can pay the spouse for their portion of the business, or give up assets of equal value.
Another option is awarding specific parts of the business to each spouse.
The spouses can sell the business and divide the profits.
The option is even available to continuing running the business as partners even after the divorce. Obviously this option may be very difficult.
Choosing the best way to divide your business often requires help from an attorney. If you need help dividing your business in divorce, contact Ronald Johnston so he can ensure that your business is divided fairly. Call today at (503) 226-7986.