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Dealing with divorce when you co-own a business

Divorce is a difficult situation by itself. Running a business is a high-pressure scenario, too. Combine these, and the results unsurprisingly add up to an excess of stress. When you own or operate a business with your partner, and your partner is about to become your ex, it may not always be clear what protocol would necessitate. According to the New York Times, some couples are able to continue working together, but many are not. No matter which direction you and your ex go, the following are important principles to keep in mind.

Redefine lines that became blurred

When your spouse is both your business and romantic partner, it is only natural that lines within your relationship become blurred. As you begin the process of separation, it is important that you redefine many of those lines and make it clear what exactly the parameters of your relationship will be. Regardless of whether you plan to continue working together, this is an important step.

Clearly define personal and business assets

In addition to clearly defining each aspect of your relationship, you should clearly define your finances, too. If you run a business together, you find that your personal and business assets have become somewhat intermingled. It is imperative that you clarify each partner’s assets as well as those which are the property of the company. This will prevent much hassle in the future.

Take time to make decisions

Divorce is not easy, and it is even harder when you also have to figure out the future of your company. Rather than make hasty decisions, conscientiously make an effort to reflect and consider all options before making any further decisions regarding your company. You should not cave to pressure to keep working with your ex, but you should not hastily throw away the company you built either.

Navigating a divorce from your business partner is difficult, but an attorney can help. Contact a lawyer for further assistance with asset division and legal consultation.

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