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Family owned businesses and the impact of divorce

When a married couple decides that they want to divorce, there can often be some contention over the division of marital assets. However, if that couple owns a family business together in Colorado, the situation could get even messier. Luckily, there are some simple steps to take in an effort for couples who are also business partners to handle the divorce.

When forming a partnership, the partners typically negotiate terms and execute a written agreement. This agreement usually provides for what is to occur should one of the partners decides to sell or leave the company. Unfortunately, when forming a business together, husband and wife teams rarely create this written agreement.

During the divorce process, if the two separating spouses failed to make a written agreement at the beginning of forming their business, then the two will  have to negotiate some terms at this point. For example, the two could detail each of their own roles within the company in an effort to determine in writing who is responsible for what tasks. This example would be invaluable for separating spouses who wish to continue being partners within the business.

The divorce process is already rather difficult, and if the separating spouses share a business together, the process may become substantially more complicated -- even if the couple do have a written agreement. Luckily, Colorado family law attorneys are available to assist the parties during the process. These individuals can provide invaluable guidance into every aspect of the divorce process, attempting to relieve some of the stress incurred as the process moves forward.

Source: wealthmanagement.com, "Family Business and Divorce", Bruce Provda, Dec. 15, 2014

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