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Co-owners divorcing can be challenging for a business

On Behalf of | Nov 24, 2019 | Business Divorce

Some couples decide to go into business together. This is a great chance to build something as a team, but it can be very difficult to cope with if the marriage falls apart while the company is still going strong. You have to figure out how to handle this situation if it occurs, and it might take time to do so because there might not be any easy answers.

There are several aspects of the situation that you will have to deal with when this happens. Even though they are all intertwined, it is best to compartmentalize everything. Keep your personal feelings for your ex away from your feelings about them as they relate to the business. You also need separate the financial matters.

You and your ex will need to decide you both will remain involved in the company. If you both will, you need to sit down and clearly define the roles you will play. When you were married, these might have overlapped some but having them separated now is beneficial to everyone involved.

Things will naturally evolve as time progresses. Even though you are still going to be exes, you have to put the needs of the business first. One situation that might be difficult is if you or your ex starts dating and decides to bring the significant other to company events. There should be a plan and protocol in place for this situation.

You also have to go through all the normal divorce matters in these situations. Be prepared to handle child custody and property division matters on top of the decisions related to the company.