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Running a business with your ex after getting divorced

| May 1, 2020 | Complex Property Division |

Do you think that getting divorced means you cut off all contact with your ex? For some people, it certainly can. However, for many, there is just no way to completely sever those ties, even when they end the legal marriage.

For instance, many parents stay in frequent contact after a divorce. They share custody of the children and must work together to make decisions, exchange physical custody and everything else. The divorce does not really end their relationship on every level.

The same is also true for couples who run businesses together. The cleanest way to break things off is to sell the company or for one former spouse to sell their interest to the other and allow the other person to run the company alone. This is not always possible, though. The couple may not want to sell and may not want to lose their income, so they’ll actually choose to keep working together as business partners even after they get divorced.

Will that work for you? It depends on a lot of factors. It certainly can, and it does make the asset division process easier. The key is whether or not you can separate your business life and your personal life. If you can, you may be able to work together regardless of your romantic history — though many couples just find this too emotionally difficult to be a realistic option.

As you think over your choices, make sure you know what legal options you have. This is a big point in your life with long term ramifications, and you do not want to make any mistakes.