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When business owners divorce

The divorce process may be complex for a Georgia couple if they own a business. If they had a prenuptial agreement, this might be covered. A family business might also be protected by a trust that keeps assets separate. However, if neither of these is the case, then the couple may have to look at options for dividing the business.

One solution is for the couple to continue to run the business together after the divorce. However, this is generally only possible if the two are able to get along. They should also create a shareholder agreement that makes it possible for one to buy the other although this may present more obstacles. Before one person can buy the other out, it is necessary to get the business valued, and then the purchaser must raise the money to buy it.

A bank loan is one possibility for getting this money. A property settlement note is another. It is a long-term loan that includes interest that is payable to the former spouse. If the business is in debt, another partner could be added, or venture capital could be brought in. Selling the business is another option although it may take time and require the former cople to work together before it sells.

There are a number of other issues that may make a divorce more complex. Child custody may be the most difficult issue to work out since it can be such an emotional topic, but parents might be able to negotiate this and other aspects with the help of their attorneys instead of going to court. In some cases, there might be issues that make this impossible, resulting in the issues being decided by a judge presiding over the litigation.

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