Richard C. Bardi & Associates LLC

Set terms for company roles after you divorce your co-owner

Divorcing is a complex undertaking when there are assets in question. When one of those assets is a business, you have to think carefully about what is going to happen with the company. One of the options that you have is to continue things as they are going now – with both you and your soon-to-be ex running the company. This is usually only possible if you can work as a team.

We know that you might wonder if this can truly work. In most cases, it can work just fine as long as both parties carefully consider the arrangement. You have to move toward a business-like arrangement instead of having a personal one.

It is a good idea for you and your ex to sit down and clearly outline the duties of each person. Put this in writing so that you can refer back to it if there are questions that come up. If possible, set each person in charge of different things so that you only have to work together as little as possible.

When you are determining the terms of continuing to run the business, you need to set some personal standards. For example, you might agree that any future significant others won't be brought into the business. While they might stop by for a visit, they shouldn't be there on a regular basis or interfere with the running of the company. You may also need to set terms for communication and conflict resolution.

One of the best things to do in these cases is to separate your personal issues from the business side of matters. Take the time to get contracts written up so that you have those to rely on later. We can work with you to get this taken care of.

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