You have recently filed for divorce in Texas and while you are optimistic about how this decision will affect your future, you are concerned about the fact that your soon-to-be-ex is also your business partner. In this difficult position, you are faced with the uncertainty of dissolving a once-ideal business partnership. Depending on what you and your former spouse decide, one of you may also choose to exit the partnership to keep the business intact.
Once you realize that your divorce is absolutely going to happen, it is critical that you begin modifying operations at your business right away in terms of partnership agreements. Every effort should be made to keep day-to-day functions relatively unchanged to allow your organization to continue as usual. According to the U.S. Small Business Association, you should make sure that all shared responsibilities have been adequately completed or otherwise suspended until a new agreement is formed.
Part of the dissolution or exit process will also require your company to undergo a business valuation where all assets will be considered in order to find out your company’s net worth. Additionally, all leases and contracts should be modified to reflect the changes in ownership. With a significant list of pros and cons for each option, it is important that you and your spouse look closely at each option to consider which outcome would ultimately provide the most benefits for everyone involved.
The information in this article is intended for educational purposes only and should not be taken as legal advice.