If spouses are parting ways on relatively good terms, there is always the option to continue running the business as a team, even after the marriage ends.
Divorces in Denver are always a little complicated, but things can become even more complex when you’re trying to divide a family business with your former spouse. This business might have been in your family for generations, and you might be distraught about the prospect of it suffering as a result of your divorce. Fortunately, there are many options you can consider when dividing a business in Denver in order to protect it from harm.
If you’d like to explore these options in more detail, connect with a qualified, experienced divorce attorney in Colorado at your earliest convenience. These legal professionals are well-versed in divorce law, and they can help you protect your business in the most efficient manner possible. They can also assist you with virtually every other aspect of your divorce, including alimony and child support.
Going to Trial
If spouses cannot come to an agreement outside of court, the matter will go to court. This means that a judge will decide how the business is handled. It’s important to note that you will have very little control over the final decision in this situation. Remember, a judge is not an expert entrepreneur, and they might not always make the best choice for your business.
Selling the Business
Selling the business is obviously an option, and this might seem like an obvious choice for many spouses. In this case, you would simply divide the proceeds of the sale in an equitable manner. However, the current financial value of a business doesn’t necessarily reflect its true value. The true value of a business comes from its ability to provide income for the foreseeable future. A lump-sum payment for both spouses might actually rob spouses of financial support for the rest of their lives from this business.
If one spouse wants to keep sole control of the business, they can offer to “buy out” the other spouse’s share. For example, they might allow them to have complete ownership of the family home in return for giving up their controlling share of the business. This can help spouses handle the matter without selling the business.
Continuing as a Team
If spouses are parting ways on relatively good terms, there is always the option to continue running the business as a team, even after the marriage ends. These spouses can work together and own the business co-operatively without much of an issue.
Enlist the Help of a Qualified Attorney Today
If you’ve been searching for a qualified, experienced divorce attorney in Denver, look no further than Anderson Barkley, Attorneys at Law. Over the years, we have helped numerous spouses in Colorado pursue positive legal outcomes as they end their marriages. Dealing with a family business can be stressful, but it doesn’t need to be complicated. With our help, you can ensure the future prosperity of your business long after the divorce. Book your consultation today.