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What can divorcing business owners do during property division?

| Dec 7, 2012 | Property Division

Anyone in Miami who has started and grown their own business knows how much work it involves. That’s exactly why couples who jointly own a business often run into issues when they decide to file for divorce. The important thing to remember is that there are a number of options available to couples in this situation.

While going through property division, couples who own their own business may immediately jump to the conclusion that one party must sell their share of the business or the business should be sold altogether. That’s not necessarily true. In fact, a number of couples have managed to keep their business and work together even after they split.

After eight years of marriage and building a successful business together, one couple realized that divorce was the best option. They understood, however, how much their firm meant to them, so they decided to keep working together and avoided selling off their business interests during property division. After being divorced for six years, they still maintain their professional relationship.

Divorced couples who have decided to keep running their business together understand what they must do in order to keep their business healthy. They note that open communication, respect and consistency are all vital to making sure that business operations run smoothly despite a change in relationship status.

Although some people can make this type of business and divorce arrangement work, it isn’t necessarily the right answer for everyone. Knowing the amount of time, money and emotion invested in a business, it’s important that couples carefully weigh their options when handling a issues of business ownership in divorce.

Source: New York Times, “When Couples Decide to Divorce but Still Run the Business Together,” Bryan Borzykowski, Dec. 5, 2012

  • Even without considering business ownership, property division can be complicated. Our firm has experience working with individuals to make sure their needs are represented in divorce. To learn more, please visit our Miami complex property division page.

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