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What happens when business partners divorce?

There is no doubt about it, dealing with the family changes that accompany divorce is difficult. For many couples in Maryland, divorce does not just affect their personal lives; it also affects their professional lives. When a couple shares a business, deciding what to do with this type of asset can certainly be challenging.

When business partners choose to divorce, what happens to their companies? Few individuals would want to walk away from something that they have spent time, money and a lot of effort to build. Can divorced couples continue to work together successfully? Which options are available to help deal with this type of situation?

Some ex-spouses are able to continue their working relationships. This is not always easy, but it is possible. Others, though, may not be able to make this sort of arrangement work. In such cases, it may be possible for one partner to sell his or her half of the company so that only one will own the business going forward. In other cases, spouses can agree to sell their businesses and split any proceeds.

As with all other property division matters in divorce, deciding the best way to handle a shared business can take time. Thankfully, divorcing couples in Maryland do not need to figure all of this out on their own. Legal counsel and other professionals can help with the dividing or selling of such a large asset and ensure that both parties receive their fair shares as part of their divorce settlement.

Source: Forbes, "How To Handle Divorce In A Family Business", Larry Light, March 7, 2016

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