Palmer Rodak & Associates
Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal SpecializationServing your Community for 19 Years
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Divorce when spouses share a business

Many married couples co-own and operate businesses together in California. While this can be a fruitful endeavor for many, it can pose unique challenges when those business partners and spouses embark on a divorce. If you are in this situation, you understand the complexities all too well. For some people, the decision to simply sell the business to a third party and move on is almost a no-brainer but that is far from your only option.

MarketWatch suggests that couples who want to work together in a joint business consider developing a buy-sell agreement before they ever start their venture. This is something that business partners who are not married might even do as it provides an exit strategy for a variety of reasons including death, the choice to pursue other opportunities, divorce and more. Another option for couples not yet married is a prenuptial agreement that can outline what will happen to the business if the marriage fails.

Yet another option you may consider is to sell your share of the business to your spouse or to buy your spouse out so that one of you retains ownership in the company. This decision may be funded by the exchange of other marital assets as part of your divorce settlement.

If you would like to learn more about how to protect a business you co-own with your spouse during or after a divorce, please feel free to visit the divorcing married business partners page of our California family law website.

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Palmer Rodak & Associates
Certified Family Law Specialists State Bar of California Board of Legal Specialization

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