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How To Divide The Family Business In A Divorce

how to divide the family business during divorce

Though divorce has many implications, both emotional and practical, one of its key considerations is the equitable division of assets. Oftentimes, determining how to divide the family’s assets in a manner that satisfies both parties lengthens the divorce process, especially when one of the assets is a family-owned business.

Splitting the family business in a divorce can introduce a new set of challenges to an already complex process. Ultimately, each party must decide their intentions for their ongoing involvement in the business, as well as the best way to divide the business financially.

The first step is determining the business’s worth by getting a formal appraisal from an unbiased third party. Once a value has been established, couples who are in the divorce process typically have three options for dividing the business.

 

One Spouse Keeps the Business

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Getting All Family Business Members On The Same Page With Tech

This article is part of America’s Entrepreneurs, a Next Avenue initiative made possible by the Richard M. Schulze Family Foundation and EIX, the Entrepreneur and Innovation Exchange, and was originally published here.

When you’re in a family business, it’s essential that the generations work seamlessly together. That’s especially important when it comes to technology, which is, in essence, the tools and vocabulary of any thriving business.

So if you plan to introduce new business tools to other family members at your company, follow tips for a smooth and successful implementation:

Introduce the new tool by digging into the practicality of it.

For example, if one of you plans to travel in the next few months, but will still help run the business, a chat tool will make it easy to stay connected and on top of duties.

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