You and your spouse decide to get a divorce in North Carolina, but there is one thing standing in the way. You co-own a business. You built the business from the ground up together and ran it together for the life of the business. For all intents and purposes, you equally own the business, so in a divorce, you would have to split it. That’s where things can get tricky.
According to Forbes, you have a few options for how you will split the business in a divorce. Perhaps one of the easiest and best option is to continue to co-own the business. However, this can be tricky if you are not getting along or the divorce proves to be contentious. You will have to continue working together and making business decisions together after the divorce, and if you are not getting along, this could hurt the business.
Another option is for one of you to retain ownership and the other to step away. Typically, for this to work, you would have to buy out your spouse. This means get a valuation of the business and perhaps even creating an agreement to split profits in the long term. It can get tricky and expensive. This may not work for many families due to financial concerns. However, it does make it easier to continue the business after the divorce.
The last option is to sell the business. You sell it outright and split the money you get from the sale. This is fairly easy and great if you are having trouble working together. The main downside is you lose the business. This information is for education and is not legal advice.