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Tough decisions: working together after divorce

On Behalf of | Feb 26, 2014 | High Asset Divorce |

Many people in Berks County expect that they will see their ex-spouses far less after a divorce. Even for divorced parents, the amount of time spent with the child’s other parent is relatively minimal. And that makes sense: why would two people who tried and failed to make a marriage work want to spend time together. But for ex-couples that own and operate a business together, a divorce will not necessarily mean the end of a relationship.

Many people in Pennsylvania are willing to try to set aside the emotional aspects of divorce in order to protect their businesses. Just because the owners are divorcing doesn’t mean that the business will go under. Many people are even insistent that no one else could fill a spouse’s shoes when it comes to operating the business.

Yet, if divorcing business owners sat down to think about each other’s skills and experience, they may realize that a spouse is replaceable. If that is the case, one spouse may wish to buy out the other’s interests in the building. By having one spouse take the building over completely, he or she can fill the business with the people he or she is most comfortable working with, leaving the other spouse with his or her share of the business.

If divorcing couples do choose to remain in business with each other, it is incredibly important that they take a break following the divorce. It will be hard to transition into a nonromantic, purely business relationship, so spending some time away from work may be a good way to approach a new work relationship.

Source: Entrepreneur, “If You Run a Company Together, What Happens When You Divorce?” Kate Taylor, Feb. 25, 2014