Lifestyle

What To Do With Family Business In Divorce

What to do with family business in divorce

These days – having it all is kind of tricky; and – when we say having it all we mean having a functional family, great kids and a flourishing business – and juggle it successfully.

Unfortunately, more and more marriages end in divorce. More and more people are seeing their firms fall apart due to recidivism of recession years, and before we know it – things start spinning in a direction we never knew would befall us.

Keeping a business together in the current economy is super hard. If you are one of the people who have been brave enough to start a business some time ago, and are still working on its improvement, we applaud you. Not only that such an action takes guts, but it requires a lot of effort, commitment, brains, money, patience and ultimately – plenty of compromise.

What’s pretty common these days is having relationships/marriages with partners who are both powerful and successful in their own right. Consequently, they are expecting to be given equal opportunity to progress and keep their individual identity they’ve been building for years prior to committing to their romantic relationship. For this reason, many partners are founding companies and joining their efforts against the competition – that way, they are spending time together while at the same time working on their professional improvement. Unfortunately, when the relationships/marriages break up, the business is evident to suffer.

Not all has to be lost, though. If you plan things right, and you are both mature adults willing to come up with the best solution that won’t take a toll on your family business, there are plenty of ways to solve this already unfortunate situation.

Here are some of the best options you can adopt and/or consider as ways to deal with the broken marriage and a thriving business.

Divide and conquer

Splitting the business 50-50 is probably the best option you can go with. This way, you won’t be rubbing salt in an open wound and you’ll both spare one another the emotional discomfort of working so close together while going through a (difficult) divorce.

If you do decide to split your business, expect the other side to want a bigger half (or maybe you’ll be the one asking for more?). Out of two partners, there’s always one who is working more and is engaged more, and they are feeling like they should be given credit for what they’ve done. Consulting a lawyer in such situations is essential, as that is the only fair way to split the business you’ve both built.

Get a divorce as soon as possible

If you’ve already gone through counselling and the separation trial, and you are absolutely sure divorce is the best option, then rip that bandage off! The process of getting a divorce may take years if both sides are picky and difficult. The amazing solution to dealing with a divorce in a less painful way is to opt for services like California Divorce Online. Professionals working in service areas like these are giving you the option of “signing your divorce papers” online without having to go through painful encounters and lover’s quarrels repeatedly.

Find middle ground

Depending on how harsh your divorce is, staying in business together may actually work. How so? Well, in situations where partners have romantically drifted apart for no apparent reason, but they still feel love for each other as well as respect and appreciation, the best thing to do is stay in business together and keep things operational on a business-level. That way you aren’t risking any sorts of fails but are only going forwards with the trusted partner next to you.

These three options have shown the best and most common choices for the divorced couples in business. If you feel like there are other solutions that may work better in your situation – do seek them and work on keeping your business prosperous.

 

Article written by Nate Vickery

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