Protecting your company that you've worked hard to build is a priority for most business owners. While you might be focused on things like being able to ensure that you can keep the profits up to cover the bills and protecting it against competitors, there is another thing that some small business owners need to think about. This is what will happen to the business if your marriage ends.
A person who has decided that their marriage is over will begin to pull away from their partner. While this is challenging in almost every case, it comes with some special considerations if you own a business together. This is especially true if only one person knows about the finances of the company.
A traditional divorce is complicated enough, but what about when that spouse is also your business partner?
It is not uncommon for a married couple in New York to own and operate a business together. The pair might have been married before they formed the business or they may have been business partners who eventually became romantically involved. Either way, there are unique benefits and challenges to running a company with the person you are married to. One of the challenges arises if you end up separating and divorcing from your spouse.
When a married couple in New York owns and operates a business together and decides to get a divorce, the question about what to do with the business logically arises. Some people might be able to find a way to work together as business partners even if they are no longer married. Forbes indicates that for people who do not feel they can do this, they might sell their business to a third party or allow one spouse to buy the other person out.