One of the most difficult things that some divorced people have to do is to figure out what will happen to the family business. This situation can put a lot of people in jeopardy, especially if the business has other employees on the payroll. We understand the pressure that this puts on you. We are here to help you evaluate your options so you can decide what is best for you.
Some people who are divorcing choose to keep everything the same with the company. This is possible if you can still get along professionally. If you choose this option, make sure that the duties of each person are clearly spelled out. You can also write out a compensation plan and include other specific information in the agreement so that both parties can refer to it if questions arise.
We realize that there are circumstances when you might not be able to work together. In this case, you will have to decide whether it is best for one person to buy the other one out of the business, sell it or close it down. This can be quite a difficult decision to make, but one that is unfortunately very necessary.
On top of resolving issues concerning the family business, you still have to figure out the other aspects of the divorce. These include handling the child custody matters as well as the property division and support payments. Once you work through all of these and the divorce is finalized, you can move forward with building the life you want for yourself.