Divorce is never easy, and it can become extra difficult for married business couples. Aside from properly dividing the assets, there are various tasks that need to be done and factors to consider when divorcing life partners share a company. If you’re currently in this unfortunate situation, here are five valuable tips to help you efficiently navigate this sensitive circumstance and ensure your business remains unscathed.
Focus on Your Business
Regardless of how you feel toward each other, you must be on the same page regarding your business. Establish your divorce priorities, but keep the focus of your dialogues about your company’s future. Save the discussions about the division of assets, reasons for sole legal custody in Texas or any state, and child support for another time.
Understand Your Business Division Options
When divorcing your business partner, you must be fully aware of the possible outcomes for your business. One spouse often ends up buying the business shares of the other divorcing spouse and becomes the company’s sole owner. If neither of you can buy out the other or have no intention of continuing the business, you can sell it and divide the proceeds.
If you are separating on good terms and believe you can continue as business partners, then there’s no reason to end your co-ownership. However, it would be best if you seek legal guidance, especially if you operate a large-scale business. Remember, the risks are higher for divorcing business partners, so make sure to secure the necessary legal assistance.
Remain Professional
Emotions can run high during a divorce, especially if children are involved. It is in your company’s best interests that you and your soon-to-be ex-partner remain as professional as possible. Manage your emotions, and don’t be the reason for your employees to leave your company. Set realistic boundaries and assert them to the best of your abilities.
Communicate With Your Employees
Your employees are integral to your company’s success, and communicating with them during this crucial period is vital. During the initial stage of your divorce, talk to your staff and address their worries about the stability of your company.
Be as honest as possible, but refrain from discussing the details of your separation. Never use your staff as tools to fuel your conflict, and avoid arguing in front of them. Remember, your divorce will affect not only you and your family but also the stakeholders of your company, so be mindful of your words and actions.
Continue to Show Up
Regardless of how difficult your divorce is, you need to continue showing up for your employees and everyone involved in your business. Together with your ex-partner, strive to create a comfortable and friendly workplace environment. Even if you plan to sell the business in the near future, remain professional and treat everyone on your team, including your spouse, with the utmost respect.
Endnote
Navigating divorce as business partners can be highly challenging. With these tips and the right mindset and attitude, you can save your business from going under and ensure its continuity.
