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3 ways to protect your business during a divorce

When you're going through a divorce, there are a few things about which you're likely to worry. One of those is protecting your business or your business interests. There are many ways that people handle these issues, ranging from selling their businesses to working together with an ex-spouse to run the business.

Your situation could call for extreme measures, like selling off your portion of the business, or you may not need to do much at all. Here are a few things to consider doing if you have a business that could be divided in your divorce.

1. Buy out your spouse

The first thing you may want to consider doing is buying out your spouse. He or she may have an ownership share of the business or have a right to some of its profits. You can suggest a settlement that buys your spouse out of that share, allowing you to take over the business completely on your own.

The amount you'll need to offer depends on the potential profits of your business, along with other factors. It's worth discussing, though, if you plan to continue running your business.

2. Consider running the business together

Not all divorces are contentious, and there's a real possibility that you work better as business partners than a romantic duo. If that's the case, consider working together in the future to help your business grow.

3. Sell your business outright

If your business is less important than your peace of mind, you may want to sell it to a third party. By doing so, you may obtain the capital you need to start another business, which could be more in-line with your preferences after the divorce. You'll still protect your potential profits and avoid losses by being able to seek a fair price for your shares and the potential profits you would have made if you'd kept them.

It's not always easy to know what to do when a business is part of your marital assets. It's worth talking to your spouse about what his or her interests are in the company. You may find that it's an easy solution or that you need to come up with a way to keep your spouse active in the business even following divorce. There are many potential solutions to consider, and the three above are just a few that can get the conversation started.

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Hecht Family Law
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