Divorcing is more painful when you and your spouse operate a business together. You may want to get a fresh start, but having to regularly interact with your spouse because of the business can interfere with that. There are several possible routes you could take when divorcing your marriage and business partner in Washington.
Buy Out the Other Partner
If you conclude that you aren’t able to continue operating the business together, then one spouse could buy out the other. This is a good solution when one of you is willing to step away from the business to pursue other ventures.
Sell the Business
In a situation where neither of you is willing to let go of the business and you can’t find a way to peacefully operate it together after the divorce, then your best option is probably to sell it. You would split the proceeds fairly.
Split the Business
Another option that divorce law allows is splitting the business. You can divide the company into two so that neither you nor your spouse has to start over from scratch after the divorce. Splitting the business can work well for service-based businesses, especially if you take on different clients.
Stay as Business Partners
Not all divorces are bitter. If you and your spouse are going through an amicable divorce, it’s possible for you to continue successfully running the business. You should consider how painful you perceive the divorce, how often you would need to interact with your ex, how painful the divorce is from their perspective, and whether they’re a good business partner before deciding to keep working together.
Continuing to run a business with your ex-spouse usually only works out well when neither of you has lingering feelings for the other and both of you are at peace with the other. The more bitter one partner feels, the more likely it is to interfere with business operations. Fortunately, there are some alternative solutions to dividing the business in a fair way if you decide it wouldn’t be good to continue running the business together.