Long Island Family Law Attorneys 631.894.4523 Call to Schedule a Consultation

Owning a Business Together After Divorce

Owning a Business Together After Divorce

Posted By Meyers Law Group, P.C. || 6-Sep-2013

If a couple operates a business together, this can make for special complexities when it comes to a divorce. This tricky situation is becoming an increasingly common one too, as back in 2007, the U.S. Census Bureau approximated that married couples owned 3.7 million business across the nation. With the divorce rate as it is, many couples are going to be faced with the difficult decisions about continuing their business together or not.

Many couples have decided to continue working together, and have done so successfully in spite of a divorce. One New York Times article even looked at different situations that illustrate the different opportunities and obstacles faced when couples who work together get a divorce. There are common threads that run through all the stories. This includes the fact that couples can have serious issues, but they can still be able to respect one another. This respect is vital to being able to work together. Each ex-spouse also has to know that the other is dependable. Another takeaway is that counseling is not just an option for those who think they can save their relationship; it can help ex-spouses work issues out so that they can learn to communicate again, this time as partners in business only.

Of course, not only are unique lessons learned in such divorces, but unique problems surface as well. Back when a business-owning couple was married, they probably did not follow through with the common procedure of signing a shareholders agreement. This is probably something you would have to now take care of after a divorce.

If you have children, you know that you have to break the news to them and help them cope. If you work together in business, then you also have to break the news to your employees. While there is no need to make anyone uncomfortable with details, it is important to reassure employees that they do not have to fear for their jobs. It is important to be honest, and not let employees find out from anyone but yourselves, as this can spark anxiety about job security and weaken trust.

Former spouses who are still co-workers have said that the going is difficult, but that after two years, it becomes simpler and better. This is not for everyone of course. Dividing a business, or deciding who keeps it, can be a very heated point of contention. If you decide to part ways in business as well as in your relationship, then the complexity of asset division escalates substantially. Whether you and your spouse will continue as business partners or not, you will need outstanding legal representation in your corner. Contact the Meyers Law Group, P.C. today to find out what a phenomenal Long Island divorce lawyer can do for you.