My Soon-to-Be Ex-Spouse and I Run a Successful Business. Can We Continue to Do So After Our Divorce?
When a couple divorces, they always must deal with the division of assets and debts. However, when the couple operates a successful business together, a divorce suddenly becomes much more complicated, particularly if the business is the sole source of income for both parties. With the help of a knowledgeable Atlanta divorce lawyer, you can decide how to resolve issues related to your business both during and after your divorce.
Essentially, the parties have four options when dealing with a business during their divorce:
- Continue to operate the business together
- Give the business to one spouse or the other
- Close the business down
- Sell the business to someone else altogether
Deciding what option to choose can be a difficult proposition, particularly when the parties are going through the high emotions that a divorce involves. Unfortunately, feelings or attitudes about other divorce-related issues can easily spill over into the parties’ business, which can make it difficult for the parties to continue to operating the business. However, some couples are able to remain amicable throughout their divorce, and, as a result, are able to separate their personal and professional lives and continue operating the business. If a business is profitable for both parties, it may be worth it to remain civil to one another and continue to run the business together.
Shaw Law Firm LLC has handled numerous divorces involving a jointly-owned business. Whatever option you choose in terms of your business relationship with your spouse following your divorce, you need to understand your rights, get a clear explanation of your options, and receive an analysis of the potential consequences of each option. Contact us or call today to learn how Shaw Law can work with you to achieve the best outcome possible for you and your children.
Scott Shaw is founder and principle of Shaw Law Firm LLC, founded in 1995 and dedicated solely to divorce, family law and child custody matters that must be addressed and decided in the state of Georgia. Shaw Law Firm serves the greater Metro Atlanta area, particularly the counties of Fulton, Gwinnett, Cobb, Cherokee, Forsyth, Paulding, Henry, Fayette, Coweta, Newton, Walton, Bartow and Douglas. Schedule a consultation today at 770-594-8309.