Should You Sell Your Family Business During Divorce?

Business owners have three options when their business is a marital property that is subject to division in a divorce: One spouse can retain full ownership by buying out the other spouse’s ownership interest or giving up other marital properties; Both spouses can be co-owners of the business; or They can sell the business and split the proceeds as part of the divorce. The third option is usually the least popular because selling a business may be giving up your livelihood. There are some situations where selling a business is a viable option, but you still must consider the complications of doing so. Receiving Fair Value You want to be well compensated if you choose to sell your business and lose a source of income. Before presenting your business to potential buyers, you will need to assess your business’s value, including its potential for growth. With an estimated value, you will know what a fair asking price is for your business.…

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