It is essential to note that about 40-50% of the couples get divorced. When couples divorce the hardest part is always how they share the property. Here are some of the amicable scenarios to split up the business after a divorce.
The first tip is to do a business valuation. With this, you will be in a position to determine the value under the scrutiny of which you will need a neutral auditor. One good thing with this is that you will get the figures right and avoid more trouble. It is essential to note that business valuation depends on property assets or stock, business earnings in terms of profit, the type of business.
Apart from that, you should seek legal assistance. Where you will have to seek commercial or property attorney and present your figures and facts. In this case, the attorney will undergo through your details and come up with appropriate solutions. In this case, the attorney will help you with issues of tax, ownership transfer, licenses, and permits. You find that this law firm can help with divorce cases to ensure a seamless process.
In addition, you should also decide whether to split or keep the business. You find that you might be divorcing your business and not your wife. At some point both of you can reach at a consensus on what action to take on the business though it might be tricky when you are still at loggerheads.
Apart from that, you can also sell the business to a third party. One of the best thing for divorcing families is to sell the business rather than splitting. After which you will have to share the proceeds according to tom divorce provisions.
Buying out your partner is another option. You find that the issues can be complicated after divorce that selling a business might not be a good idea. In this case, one partner who is likely to be the husband will buy the wife’s stake and own 100% stake of the business.
You should also think of joint ownership. It seems ridiculous to have joint ownership after a divorce. You find that this is something that can still happen more so when the divorce was not messy and you still have a good relationship with your partner.
Apart from that, you should put the business under the trust. Where the couple will formalize an agreement to run the business on their behalf. In this case, the asset protection trust will be able to control the business and remit benefits to the partners.