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Can you save your business despite divorcing your partner?

Having your spouse as your business partner in Kentucky may seem like the ultimate arrangement until you are faced with the very real possibility of divorce. If you and your spouse have reached the point where maintaining a relationship is causing angst, emotional trauma and costly stress, you may have considered turning to divorce as the best solution to your problems. However, if you are in business with your soon-to-be ex, it is imperative that you understand how to protect your company despite a failing marriage. 

If you are proactive about the way you approach negotiations regarding your company, you may be able to facilitate an outcome that is beneficial to both you and your ex without compromising organizational success. According to Chicago Business, some of the things you can do include the following:

  • Business valuations: At some point during your divorce, you will need to hire a professional to come valuate your company's worth. Often, this operation can be costly especially if your company is a higher-valued organization. When you reach this point, negotiate with your ex and work together to decide on one company instead of each conducting your own valuation which can be costly in terms of time and money. 
  • Trust your advisors: Consider hiring a team of advisors who can help you make critical decisions about your company's future. Since you are facing an uncertain outcome and are probably overwhelmed with other decisions regarding your divorce, you can benefit greatly from allowing your advisors to steer your company in the right direction using their industry knowledge and career experience. 
  • Avoid breaking the business: If you and your ex are unable to reach an agreement regarding the business's valuation, avoid splitting the company into two. Such evasive actions will be dangerously risky for your company as it tries to navigate without critical components it is used to having. Rather, negotiate with your ex to try and reach a conclusion that awards nearly all of the company to one person or the other. This outcome, while difficult for some, gives your company the best chance at succeeding and remaining intact. 

The information in this article is intended for educational purposes only and should not be taken as legal advice.  

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