New York divorce: Keeping the family business going after divorce

Posted By Michael R. Varble & Associates, P.C.. || 19-Dec-2012

Many married couples in New York run the family business together as a married couple. This may work well until and unless the marriage ends. When a couple decides to get a divorce, they have to decide what to do with the family business.

There are couples that may work well with each other in a business relationship, but just aren't able to be married any longer. For those couples, if they are able to put aside their personal differences, they may be able to salvage their business relationship. Further, if the couple didn't have a formal business arrangement before the divorce, it may be a good idea to draft a business agreement in conjunction with the divorce settlement.

New York couples who want to continue to continue working together may benefit from seeing a therapist to help them deal with their relationship issues. Setting up ground rules and putting in writing what responsibilities belong to who may help keep the couple from unnecessary conflicts. This same process may help the couple with their divorce settlement as well.

The more a couple can work together once they decide to divorce, the better off their future dealings will be both personally and in their business. Having someone to help the couple with drafting both their divorce settlement and their business agreement may help ensure that both parties are happy with the settlement. It will also ensure that the business agreement and divorce settlement both comply with all applicable state and federal laws.

Source: The New York Times, "When Couples Divorce but Still Run the Business Together," Bryan Borzykowski, Dec. 5, 2012

Categories: Divorce

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