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Can you continue to operate the family business with your ex?

| Feb 2, 2021 | Divorce |

It’s never easy to find your “new normal” after a divorce — but that process gets even more complicated when you and your spouse operate the family business together.

What can you do about the business? One option is to keep it open and continue to run it together. While some people might think that this is impossible, it may actually work very well if you and your ex-spouse set things up properly. 

Outline each person’s responsibilities and pay

Having a detailed business plan can help you to keep things civil at the company. The plan should include information about who is going to handle what aspect of the business. Consider each person’s current duties and their strengths when you’re trying to determine these points. Your plan should also discuss each person’s pay and benefits so that you know exactly what you’re entitled to receive. 

Establish methods to resolve future conflicts

The time will likely come when you and your ex don’t see things the same way. The agreement that you have regarding the company should include conflict resolution methods so that you know how to handle these matters. You should remember to look at both sides of any conflicts so you can try to do what’s best for the company, regardless of who introduced the idea. 

It isn’t always easy to continue to work together after a divorce. Only you and your spouse can ultimately decide if it’s something you want to try. Sometimes, it’s better for the business if one spouse agrees to walk away — but that’s not always true. When you have a complex divorce with a lot of assets, including a family business, you should consult with an attorney as soon as practical. 

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