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Resolving Differences By Putting You And Your Family First

How to run a business with your ex-spouse

| Jun 2, 2020 | Family Law |

In a divorce that involves a family business, you and your former spouse could end up co-owning the company. If you can make this work, it may be the best option over selling the business or trying to buy out your spouse.

If you do decide to run the business together, Fast Company explains that you have to make a commitment to put the marriage behind you and move forward with a business mindset. If you constantly argue or cannot even communicate with each other, then your business will suffer. Divorced business owners often use these suggestions to work together successfully.

Make sure you are on the same page

Before you begin this new phase of your business relationship, you must both understand the goals of the partnership going forward. This includes setting new ground rules about how you will interact and how you will both work in this business together.

It is in everyone’s best interests if you draw up a legal agreement outlining the details of your business relationship. Keep everything formal to avoid issues in the future.

Identify your roles

To keep the peace, identify your roles and duties in the business. You need clearly defined boundaries as to who does what to avoid miscommunication or misunderstanding that can lead to trouble. Make sure that your roles focus on your strengths so that the business gets the most benefit out of this partnership.

Focus on business

Personal emotions can easily get in the way of business. However, you have to be all business when you are working. You cannot hold past personal things against your ex-spouse in the business environment. He or she may not have been a good marital partner, but he or she may be an exceptional business owner, so you need to separate the two. Treat your former spouse as you would any other business partner.

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