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Photo of attorneys Irena Inman, David L Callahan, Dahlia Bonzagni and Laurel A Barraco
, Photo of attorneys Irena Inman, David L Callahan, Dahlia Bonzagni and Laurel A Barraco ,

Considerations when dividing a jointly-owned business in divorce

On Behalf of | Jun 17, 2022 | Divorce

When a couple divorces in Massachusetts, one of the most difficult things to deal with is the division of assets. This can be especially difficult when those assets include a jointly-owned business. If you are facing this situation, here are some tips that can help make things a little bit easier.

Communicate with your ex-spouse

This should be about what will happen to the business. This can be difficult, but it’s important to try to reach a compromise that works for both of you. You’ll need to decide many things, including who will keep the business, how it will be financed and what will happen to any employees. If you and your ex-spouse are having trouble communicating, you may want to consider getting help from a mediator. They can help you figure out what to do with the business and how to best communicate with each other.

Hire a business valuation expert

This will help you determine the value of the business, which is important for deciding who will get to keep it and how you will finance it. It may also be helpful in determining what kind of arrangement you will need to make for employees.

Sell the business

If you and your ex-spouse can’t agree on what to do with the business, you may have no choice but to sell it. This can be a difficult decision, but sometimes it’s the best option. You’ll need to find a buyer who is willing to pay a fair price for the business and who will agree to any terms that you and your ex-spouse have set.

Run the business together

This may not be the ideal situation, but sometimes it’s the only way to make things work after your divorce. If you can’t sell the business and you can’t come to an agreement on what to do with it, you may have to continue running it together. This can be difficult, but if you’re able to make it work, it can be a great way to keep the business going.

If you are facing the difficult task of divorcing and dividing a jointly-owned business, these tips can help make things a little bit easier. With some careful planning, you can come to a decision that works for everyone.