You probably already know how tough a simple divorce is on the entire family. However, when a couple that owns a business together call it quits, it is even more challenging. In the past, it was unthinkable for two married partners to remain in business together once divorced. However, both business and divorce are different now and continue to evolve.
When a business is successful, both spouses might wish to remain a part of their jointly owned commercial enterprise. The question for many divorcing business owners in the Boston area is how to accomplish such a formidable goal. The following tips can help.
Ground rules: Create and agree upon your work-related ground rules early on. A good example of an effective rule is agreeing to keep personal and family issues out of the business.
Beware of emotional turmoil: When your emotions run free at work, it could lead to disaster. While that is easier said than done, it is essential for continued business success when you can both manage your emotions. You may want to consider seeking therapy with these issues.
Establish your roles: As soon as you both agree to divorce, sit down together and decide who will fill what role in your business. For example, one spouse could manage the office duties while the other deals with employees and customers.
Formalization: Once your ground rules are set, you have a grip on your emotions and you have defined your respective roles, formalize everything! A business divorce attorney can help by offering individualized advice on what kind of legal documents to put in place. This will protect your Massachusetts business and provide both of you with financial protection as well.
Source: Fast Company, "Is It Possible To Get Divorced And Remain Business Partners?," Gwen Moran, accessed June 07, 2018