Owning a business brings an additional challenge to getting a divorce. You have 3 options.

You could continue to run the business as co-owners. This probably doesn’t sound good to most people. If the relations are strained between you and your ex, working together might be a less than ideal way to live your life.

You could sell the business. This is probably not the choice that most people want because your business might be something that is really important to you – your baby. Who wants to sell something you are very fond of.

You could buy your spouse out. This is the ideal choice if there are adequate resources to make this happen. It may be the you get the business and the spouse gets everything else.

Then there is the problem of establishing a value. Your spouse is going to take the position that the business is extremely valuable, while you may have a more realistic view of it’s current value. You will probably have to hire someone to place a value on the business, that that is likely  to be someone’s opinion can be somewhat subjective.  One needs to be careful that you don’t give up your share of the assets in order to hold onto a business that may not survive or be sustainable. Unfortunately business owners sometimes have an unrealistic expectation for the rosy future of the business.

Perhaps you should make an appointment with Ty Zdravko. Ty Zdravko practices law as a divorce attorney, and family law attorney in Palm Harbor, Clearwater and the surrounding area.

For more information, visit our website at www.divorceboardcertified.com
or call (727) 787-5919.