Owning a business in Florida can complicate divorce matters, particularly if you anticipate needing to sell your company. Knowing how to manage these two big changes may alleviate some of your stress.
Given the legal complexities of divorce, you will need to reach an agreement with your spouse before you make anything official.
Try to stay amicable
Selling your business may seem like the easiest way to part ways. After receiving a fair valuation for your company, you can agree to sell and then split the proceeds. However, it may not always happen this flawlessly. Particularly if your spouse disagrees about what should happen. According to Entrepreneur, consulting with your legal team can help you make strategic and confident decisions about your company’s fate.
Throughout the process, regardless of what happens, do your best to stay amicable with your soon-to-be-ex. Irrational, disrespectful, or dishonest behavior may impede a satisfactory outcome and set the foundation for ongoing tension and costly losses.
Know your options
Selling your company is only one option during your divorce. You could also agree to continue operating your company with your spouse even after separating. If you can maintain cordial relations, this outcome could work. You may also consider offering your spouse a payout in exchange for taking over ownership of the jointly-owned business.
Managing a company and going through a divorce both require grit and focus. Relying on professionals to help you spearhead planning may enlighten you as to what your next steps should be. Careful adherence to instructions from your legal team can help you avoid mistakes that could cause long-term challenges.