Divorce does not always just affect your personal life. For those couples in Pennsylvania who own businesses together, dissolving their marriages can have a deep impact their professional lives as well. Figuring out what to do with the business can prolong the property division aspect of divorce, as both parties will likely want to make sure they are doing the right thing for the sake of their company.
What options are there for divorcing business partners? There really are only a few options, the first being that both parties continue to run their company together after divorce. This works for some but not for others. The second would be for one spouse to buy out the other’s interest in the business. If there is a lack of funds to do this, it may be possible for the spouse who wishes to keep the company to receive less in other marital assets.
Finally, the last resort would be to sell or close down the business and split the proceeds or any remaining assets. Few people want to see something they have worked so hard to create and build fall by the wayside, but in some cases, it may be the best solution. At the end of the day, you have to choose what you want and what you are willing to fight for when it comes to your business.
The property division aspect of divorce takes time, especially if complex assets, such as a shared business, are on the line. Thankfully, divorcing couples in Pennsylvania are not required to figure it all out on their own. An experienced attorney and other professionals can help those who are dissolving their marriages figure out settlement terms that best suit their circumstances. To learn more, please visit our firm’s website.