In many cases, business partners are completely unrelated. They are simply two people who decided to work together to start a company. But there are also many cases in which married couples will start companies together as a joint venture. Family businesses are one of the most common types of businesses in the United States.
However, a family business can come with some complications that you wouldn’t find if you simply had another business partner that you connected with on LinkedIn or something of that nature. For instance, what if you and your spouse decide to get divorced? If you own the company together, what do you do with it?
You usually have three options
In most cases, you have three basic options, the first of which is that one of you buys the other person’s portion of the business. Maybe your spouse wants to get divorced and move on, so you give them assets in exchange for their 50% of the company and you keep running it after the divorce.
But there are also cases in which a couple may decide to sell the business entirely. This may be more financially lucrative, for instance, and they just want to divide the money that they earn.
Finally, though, keep in mind that you certainly don’t have to change anything. The two of you can get divorced and still be business partners who work together. It doesn’t work for all couples, but it is certainly possible. Just make sure that you know exactly what legal steps to take as you try to put your business first and focus on the future.