It is more common than ever for married couples to also be partners in business. This can be great when things are going well, enabling you to form a strong and united front. However, it can also mean that when the marital relationship is suffering, the business takes a hit as well.
This could not be more true when it comes to divorce. As a divorcing couple, you are unlikely to want to remain as business partners in the future. Therefore, as well as needing to divide up the parts of your marriage, you will also have to face dividing up your business. The following are some tips on how you can go about dividing your personal assets and business assets during a divorce:
Keep emotions and finances separate
There are always many different facets that make up the entire process of going through a divorce. These will include emotional disputes and incompatibilities, as well as disagreements in bringing up children, and conflicts in business. While all of these issues are valid, they should all be isolated into their own issues. For example, your conflicts in child custody should never be used as leverage when it comes to business agreements.
Make sure that you don't go through it alone
Everyone needs support, whether it is a friend, a therapist or a legal advisor. They will be able to keep you grounded and advise you on the best way forward.
If you are going through a divorce while your spouse is your business partner, it is important to recognize the unique types of support that you will require while going through the divorce process.
Source: Entrepreneur, "If You Run a Company Together, What Happens When You Divorce?," accessed March 30, 2018