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Divorce isn't easy, and neither is splitting a business

Running a company takes time, commitment and passion. When married couples begin a business endeavor together, they usually don't expect separation to be a dilemma. On the contrary, professional challenges may strengthen a couple's relationship. 

Sometimes, however, the puzzle pieces don't fit. Filing for divorce may be the only solution to the problem. Divorce is a difficult process, but when a business is involved, the issues seem amplified. Each spouse will have questions about how to split up the business. While each case is unique, there are some ways to make the process of separate business holdings successful in nature:

  • Seek support. Couples going through a divorce typically lean on friends and family. In continuation, divorcing couples who own a business together should lean on an attorney. Every business benefits from unique, creative solutions. You and your spouse should have access to an attorney who has a business and financial background. Their advice will be key in creating a solution that is best fit for both of you.
  • Draw clear lines. Divorce will switch up your roles. In the beginning, you may have shared many responsibilities when running the business. Now, you won't be working together jointly, or at least you should avoid it. You should each hone in on your unique skills and characteristics, then distribute business roles accordingly.
  • Keep it amicable. Some couples decide they want to sell their business after separating. Some ex-spouses decide to run the business together. Neither of these options are wrong. California is a community property state. Therefore, having separate business holdings could make it possible to split assets. If you decide to remain business partners, it's important to remain amicable and keep communication open.

Divorce is hard enough. You are working to take care of yourself emotionally and financially, and sometimes the business feels like it's right in the middle. While this is a complicated situation, many couples are successful coming out of this scenario.

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Chodos & Associates
1880 Century Park East
Suite 615
Los Angeles, CA 90067

Toll Free: 866-986-7255
Phone: 310-598-3405
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