Divorces can be complicated, and even more so when a family business is involved. If you are in this situation, keep reading to learn more about your options and contact our experienced Pennsylvania divorce attorneys to discuss the specifics of your case.
What can I do to keep my divorce out of the family business in Pennsylvania?
When spouses are going through a divorce, they may not what it to interfere with their business. Keep reading to learn about three options to consider if you are in this situation.
- Continue co-owning the business: While this may not be ideal for some couples, if you can make it work, it may be the most suitable option. If you are able to sustain a professional, co-owning business, then both spouses may be able to keep their roles in the business. Moreover, the cost of the business does not have to be determined so that it can be decided upon in the marriage. It is critical to recognize that staying in a business with your former spouse means that you will have to be in close contact with them and be able to maintain a good working relationship.
- One spouse buys out the other spouse’s half of the business: Through your divorce, your business will be deemed as a joint asset, and as a result, it will be treated the same way from both a legal and financial perspective. If you are incapable of working together, then the business will be split into two to ensure that both spouses are receiving their fair portions. The first step in this process would be to hire a business appraiser to perform a valuation of your company. After that has been completed, one spouse can buy the other spouse’s half, or the assets can be leveraged for an even exchange.
- Sell the business: Typically, this option is usually chosen to avoid any potential conflict. Here, the business would be sold, and the final profits would be divided between spouses. But, this might not be the best option for a very successful business that can generate more profit. In this case, it is recommended that you hire an appraiser to perform a valuation of the business to determine an appropriate selling price. Despite which option spouses choose, it is always suggested that you work with a team of professionals, including a Pennslyvania divorce attorney that can assist you as you navigate through this multifaceted process.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
We understand that going through the legal system alone can be both confusing and highly stressful. That is why it is our job to help you through every step of the process ahead. For years, we have been helping clients throughout Lancaster County and its surrounding areas through a wide range of legal matters, including personal injury cases, criminal defense matters, family law issues, estate planning law matters, and more. If you need legal assistance, we are here to help. Contact Ilkhanoff & Silverstein today.
