Can I Sell My Business During A Divorce?

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If both spouses agree to sell a business during divorce, the court will typically allow it after a hearing on the matter.

Can Specific Terms Be Placed In A Divorce Decree To Allow A Couple To Continue Co-Owning A Business After Divorce? Is It Necessary To Have A Business Attorney Do This?

Spouses can absolutely agree to continue co-owning a business after divorce. However, it is recommended—especially when dealing with complicated businesses—that the spouses consult with a business attorney to make sure that they have the proper business agreement in the event that one party decides to sell their portion of the business or chooses to retire. There are many other contingencies that have to be considered when co-owning a business with someone to whom one is not married and may not share the same interests.

If Our Business Has Stock Options Involved, How Will They Be Divided In A Divorce?

Stock options are treated just like any other type of asset; they must be determined to be either marital or non-marital, and if they are marital, they must be valued and divided between the spouses.

Can I Be Protected From My Spouse’s Business Debts In A Divorce?

If a business is determined to be a non-marital asset, then the debts associated with that business would remain with the owner of the business. There are some exceptions, such as debts that were incurred to pay off personal loans that were incurred as a business loan. If this is the case, then an accounting would need to be done; whether or not an accountant would need to be hired would depend on the complexity of the case.

For more information on Selling Your Business During A Divorce In NE, a consultation is your next best step. Get the information and legal answers you are seeking by calling (402) 235-6070 today.