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When divorce means splitting the business: What you need to know

Divorce is a trying time. Emotions and stress levels are high. Everything from the family home to custody of the kids is up in the air. If you and your spouse are co-owners of a business, it can be even more difficult.

What happens when both of you decide you'd like to be bought out of your share, or both of you want to remain involved with the company? Even in a best-case scenario, where you can agree on how to settle it, getting it from agreement to actuality can take some doing.

An attorney can help protect your business.

If your goal is to keep the co-owned company functioning and intact, professional help from the right attorney may make all the difference. An attorney can provide the best advice to ensure the company is unaffected by your separation and divorce.

If a buy-out is part of the divorce proceedings, an attorney can help ensure that it is fair in financial terms and accomplished in a timely manner. If both parties choose to sell their interest in the company, an attorney can help arrange a sale. In an ideal world, you and your spouse would have a policy in place in case of divorce, but if you do not, an attorney can give you sound direction.

Being proactive is as important as staying calm.

Divorces can bring out the worst in people. It's important to be proactive in protecting yourself and your assets while keeping communication as civil as possible.

Whether you will be working together again after the divorce or not, being professional with one another is the best way to minimize potential fallout. Keep it professional and both of you will thrive.

Splitting a co-owned business is a complex process. But having an able and experienced attorney on your side can help. The right representation ensures the best possibility for a bright and happy future.

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Board Certified | Texas Board of Legal Specialization | Family Law

John Powell, III is Board Certified in Family Law ~ Texas Board of Legal Specialization

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