During a divorce, there can be a lot on the line for both parties. One of the most important things at stake might be a company. While it’s an option, you don’t have to sell your Washington business in a divorce. Here’s a closer look at three ways to handle your company’s future post-divorce.
Buying out your spouse’s share
One way to avoid selling your business is to buy out your ex-spouse’s interest in it. This won’t be possible if you operate certain kinds of licensed services; in these situations, only the person who’s licensed can own the company. However, when it’s possible, buying out your former spouse’s interest can be a beneficial way to protect your business during a high-asset divorce.
Selling your business
If you’re unable to buy your spouse’s share of a business, the next best option might be to sell the company. After the company sells, you and your ex-spouse can divide the profits from the sale in an equitable manner.
Continuing to work together as co-owners
While it’s not something that happens often, certain divorced couples can continue to work together as co-owners of a business. If this happens, no one has to worry about dividing a private business. This option tends to work best for couples going through an amicable divorce.
You have several options to consider regarding the future of your company in a divorce. If you don’t want to sell your business after getting divorced, it may be helpful to have a lawyer on your side to help you understand your options. With a lawyer’s help, you might obtain the best possible outcome for your company’s future.