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No longer partners in life, how do exes remain business partners?

When some couples get together, they are joined at the hip. They have a home together. They are parents together. And some couples are even business owners together. All of that togetherness during a marriage can make for complications during a divorce.

Among the above collaborations often shared by spouses, the business collaboration can be the most complicated after getting a divorce. Of course child custody and property division matters are important, stressful and often emotional, but the issue of how to run a family company when spouses become exes requires a specific kind of help and business logic.

A pair who started and continues to run a business together even after their divorce compiled a list of advice for others who, like them, want to shield their companies from the damage that a divorce might cause. The following is just a tidbit of advice to begin a larger conversation about this senstive propery division issue:

Sit down and divide marriage versus business matters as soon as possible. Sadness, anger, fear and other emotions can take over people's decision-making. Each party should have their own divorce lawyer present who can help divide issues and clarify how to best move forward. Cool heads prevail when it is a goal between exes to maintain a business relationship.

An upcoming post will continue on the subject. It is an important family law and business matter. People get divorced in hopes to begin a happier, more secure chapter in their lives. Protecting the business that helps provide parties their stability and happiness outside of their marriage can ease the stress of a divorce.

 

 

Source: Entrepreneur, "If You Run a Company Together, What Happens When You Divorce?" Kate Taylor, Feb. 25, 2014

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