If you and your spouse have decided to part ways but are still on good terms, filing for an uncontested divorce can be a great choice. It simplifies much of the divorce process and lets you and your spouse set your own terms. This can be especially beneficial for spouses who co-own a business. While any type of business ownership can inherently complicate your divorce, you’re able to come to an agreement together when you work with a Virginia uncontested divorce lawyer.
How You Could Deal With Your Business After an Uncontested Divorce
Ultimately, what you do with your business is up to you and your spouse. This is one of the biggest benefits of an uncontested divorce. The power to decide is entirely in your hands. Here are a few options to keep in mind.
You Can Continue as Co-Owners
If you and your spouse have always worked well together, even through the situations and life changes that led you to file for divorce, continuing to run the business as co-owners can be a good choice. You’ll likely see little to no disruption in your operation and can continue running things the way only the two of you can.
And if things change in the future, you can work with an attorney to come to a new agreement based on your needs and goals.
You Could Buy Out Your Spouse’s Share
If your spouse doesn’t want to continue working with you, has lost interest in the business, or simply just wants a fresh start, you may be able to buy out their share of the business. When you do this, you take full control of the company and can continue running things in a way that makes sense to you. You and your spouse can work out a payment agreement and determine a fair price based on the value of the business.
You Can Sell the Business Altogether
If you’re both ready to move on and start over, you may be able to sell the business together. When you choose this option, you and your spouse will receive the proceeds from the sale in whatever proportion you agree to. Many co-owners choose to split the proceeds 50/50. However, you may choose to split the money differently. For example, if one spouse was more involved in the business or worked harder to bring it to life, you may want to give that person a higher percentage of the proceeds. Your Virginia uncontested divorce attorney can help you determine a fair way to split the funds.
How to Decide on the Best Option
Ultimately, figuring out how you want to manage your business after an uncontested divorce is up to you and your spouse. But there are a few things you’ll want to consider as you weigh your options. Keep these things in mind:
- Your ability to communicate with your spouse: If you’re not comfortable working and communicating with your spouse after going through the beginnings of your divorce, you probably won’t be comfortable continuing to work with them.
- Your finances: If your finances are tight, keeping the business afloat as you adjust to your new normal may not be possible. But if your finances are steady and you’re confident in your ability to keep the business running, taking it over or working as co-owners may be a good choice.
- Your passion for the company: If you still love what you do, taking the business over or running it as co-owners can be a good choice. But if you’re tired of the business, selling it to your partner or selling it to an outside party may be a better choice.
Your Virginia Uncontested Divorce Lawyer Can Help
Filing for an uncontested divorce as a business owner can be stressful. But working with an experienced Virginia uncontested divorce attorney can help take the stress out of the situation. Contact AC Rieman Law today to schedule a free consultation.