Quatela Chimeri, PLLC

Divorcing a business partner: Things to consider

Dissolving a marriage is rarely an easy process. However, it can be significantly more difficult when you are married to your business partner. Creating a life with someone is often a normal aspect of marriage, but those whose livelihoods come from a business built on a marriage can find themselves facing additional stresses when the marriage ends.

Some people are willing to take greater risks with their marriage than with their business, but if you have taken a thorough look at your situation and you have decided that a divorce is the best course of action, you will also want to dedicate some time to considering what options are available to you.

Prenuptial agreements

If you and your partner had the foresight to draft and sign a prenuptial agreement, you may have nothing to worry about and your interests may be covered. Unfortunately, if you did not sign a prenuptial agreement prior to getting married, you may have to utilize more complicated options.

Amicable vs. Adversarial divorces

It is no secret that partnerships of any kind are generally less beneficial if the partners refuse to cooperate. In many divorces, couples end up working against, rather than with each other. This is, generally, the less advantageous options. An amicable divorce process can often result in,

  • Better property division agreements
  • A better-functioning business
  • A prime example of conflict resolution and creative problem solving for children
  • Quicker legal proceedings

Valuating the business

Once divorce has been decided upon, it is in the best interest of all parties involved to have their business valued. The process of property division can be a complicated one and property cannot be divided well if the value of that property is unknown.

Additionally, it is in the best interest of all parties if they can agree on a single, neutral, third party business-valuation firm. If each party is represented by a different valuation firm, it may very well only lead to additional conflicts.

Some couples may be tempted to continue their business relationship even after their marital relationship has ended. While this can be done, it generally does not work out well in the long-term for either party.

Regardless, you will want to know that your best interests are at the forefront throughout the entirety of the divorce process. Having the assistance of a knowledgeable and experienced legal professional who specializes in these issues can make all of the difference.

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