There are about 3.7 million businesses in Ohio and across the nation that are owned by married couples, according to one report. Such businesses are often created because spouses wish to work together. However, when that particular marriage falls apart, some couples find that the business becomes part of a contentious property division negotiation.
Though many couples going through a divorce decide to divide the assets of a marital business and end it, others seek to continue operations. When that happens, the soon-to-be former spouses sometimes find that they must work together as partners even after the marriage ends. This effort, one authority notes, can help a business continue in part because it can smooth the fears of employees about the impact of a divorce on the business.
For those who decide to continue a business, some authorities advise that they create a plan in case one partner decides to leave. Like the property division discussions during a divorce, the agreement between business partners should detail the division of the business should it be required. This, the authorities note, can also be a benefit to the former spouses who are able to ensure their financial stake in a business.
Many couples in Ohio own businesses with their spouses. When the couple decides to end their marriage, it is important for some to ensure that their business relationship continues. For others, the assets of a martial business are divided during a property division negotiation. Regardless of the decision to continue or end a business, it may benefit soon-to-be former spouses to consider all aspects of closing or keeping open a business as they negotiate a divorce agreement.
Source: The New York Times, “When Couples Divorce but Still Run the Business Together,” Bryan Borzykowski, Dec. 6, 2012