What Happens to Our Family Business After Divorce?

Going through divorce also affects the family business. This type of family business could be a small or big business, likely having most of the family members as the shareholders or partners, or it could be a practice of profession or a retail store such as a shop or restaurant. What makes dealing with the business while going through divorce is the fact that most of the time, the family business is also the family’s main source of income. In this article, we will briefly discuss the three basic methods of dealing with the business while in the process of divorce: Continue the Business Both spouses may opt to continue to own and run the business. Both spouses have worked in the business while being married so there is a good chance that they probably have a better relationship in business than personal. This method does not play well if there is irreconcilable anger between the spouses. That situation makes working together almost impossible and hence, it…

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