A divorcing couple in Palm Beach County, Florida, who owns a family business has three options. According to an article by Jennifer Morse, they can sell the business and divide the proceeds according to Florida’s equitable distribution of property statute, one spouse can buy the interest of the other, or they can stay business owners together after the divorce.
Working together after divorce is not for every couple. However, if you do want to stay in business after the marriage ends, consider these pointers for the transition from marriage partners to business partners:
- Create a working agreement. Many married business partners never create a proper written partnership agreement. This becomes problematic when a couple decides to divorce. It is never too late to form an agreement and you should seek the advice of an attorney or try mediation. The agreement should include a plan for dividing or selling the business should your post-divorce partnership not be successful. Schedule a Personalized Divorce Assessment with an Attorney Today!
- Learn to communicate. As former marriage partners, you will likely need to learn new tools for communicating about your business without involving personal issues. Interactions at the workplace should never involve yelling, insulting, criticizing or making derogatory remarks either to each other or about each other to employees.
- Establish a new relationship. A business partnership is similar to marriage in certain ways, and if your marriage didn’t work out, you might have to examine and re-establish your business behavior to make this work. Think of it as a chance to start again, take responsibility and approach the new post-divorce business relationship as a chance to do things differently.
- Take disputes to mediation. When you are in business together, conflict is inevitable. When you are not able to work through your differences in a civilized way, go to mediation. An experienced mediator can help you establish new methods for problem solving that can benefit you in your business as well as personal lives.
Board Certified Marital and Family Law Attorney Charles D. Jamieson understands that divorce is an extremely sensitive and important issue. Thanks to extensive experience and a focus on open communication, Attorney Jamieson adeptly addresses the complex issues surrounding divorce while delivering excellent personal service. To discuss divorce in Florida, please contact The Law Firm of Charles D. Jamieson, P.A.The Law Firm of Charles D. Jamieson, P.A. or call 561-478-0312.
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