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Divorce and your family business: what to know

Going through a divorce is challenging enough without having to think about your livelihood – your family business. If you are getting ready to seek a divorce in Pennsylvania but are hesitant to petition because you are not sure how it will impact your income, look no further. Outlined within the confines of this article is valuable information to help provide you a better understanding of what a divorce with a family business may look like.

Your options

As a co-owner of your business, you and your soon-to-be ex-spouse have a few options from which to decide during your divorce. And depending on your financial situation, one option may work better than the others.

The first option you have is to continue remaining co-owners. This could work in a number of ways. For example, if you are ending your marriage on good terms, it is possible you could continue working in the same manner as you are now post-divorce. Or you could make changes to your work arrangements that are suitable for you both.

Another option would be to sell your business to a third party. This can be especially useful if your divorce is contentious. It will allow each of you to get some money out of the sale and allow you to start anew.

And the last option would be for one of you to buy the other person out of the business. This type of arrangement is common if one spouse had relatively little involvement in the day-to-day operation of the businesses. However, this option can be costly.

Legal help

If you are still unsure which option might be best for you and your family, consulting a divorce attorney may help put your mind at ease. You may even want to seek the services of an attorney who is well versed in handling divorces in which the former spouses shared a business.

Knowing your options for business after your divorce is a great start to preparing for your new work and family life. With the information above, you should feel more comfortable speaking to an attorney about your case and settling into your new post-divorce life.