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Visit us at www.DivorceAndYourMoney.com Divorce and Your Money is your guide to avoiding costly mistakes during divorce. Shawn Leamon, Certified Divorce Financial Analyst and MBA, wants to help you learn the fundamentals of how to get a divorce. Whether you are looking for an uncontested divorce, a do it yourself divorce, or an online divorce, resources are available to offer guidance. Through his divorce podcast and divorce blog, Shawn offers his professional opinion on the best ways to handle the end of your marriage. He covers topics including how to file for divorce, divorcing a narcissist, and finding the best divorce attorney. Even tricky subjects such as a “what is a QDRO?” and “is alimony taxable?” are tackled through these venues. If you need to know what the first steps are or what you should do to head to trial during litigation, you can find resources to give you a step-by-step guide to what comes next. Think of his advice as an alternative to divorce support groups where you can find exactly what you need when you need it. He offers one-on-one divorce coaching to give you a solid grasp on the decisions that are bound to affect your financial future. Before you have a divorce decree in hand, you will likely go through some type of divorce mediation. For any spouse saying, “I want a divorce,” you need to make sure that you are getting the financial future you are entitled to. Do not allow yourself to be blinded by the emotional, legal, and financial burden that divorce can become. Instead, take control of your situation with sage wisdom to help all individuals make better financial decisions for their independent future. If you find yourself asking “where are the best divorce lawyers near me?”, Shawn can help you to recognize the best of the best. Whether you need a divorce in Texas, a divorce in Florida, or a divorce in New York, you will have all the knowledge you need to find the best team of professionals to assist you. You can start from a place of being legally separated or once you have already started to file for divorce using free divorce papers or an attorney. No matter where you or your marriage may be in the process, Shawn Leamon has professional advice to offer your unique situation. A simple no fault divorce or a high-stakes power struggle are all areas he has vast experience with during his work outside of Divorce and Your Money. Let his advice be a guide to help you get all that you need for a secure financial future in your divorce records. It will not make a difference whether you are getting a divorce in Ohio or a divorce in California if you are following the basic principles set out through Divorce and Your Money’s divorce blog, divorce podcast, and divorce coaching.
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May 4, 2017

This article was republished by Investopedia here

Divorce becomes more complicated when you and your soon-to-be ex-spouse own a business together. Businesses require constant care and attention, and they can’t be easily split in half the way funds in a bank or an investment account can.

Your attorney will likely recommend you don’t keep running the business together after the divorce. This rarely works out, especially if you must be in close contact with each other on a daily basis.

Assuming you follow this recommendation, you can handle the business in a few different ways.

Three Options for Divorcing Business Owners

You and your former partner will need to decide who will assume ownership of the business when the divorce process is over. There are three options:

  1. One of you buys the other out of the business and assumes total ownership.
  2. You both sell the business to a third party. 
  3. You both agree to close the business.

Start With an Accurate Business Appraisal

No matter which option you pick, finding out how much the business is worth is the starting point for negotiation. To do this, you’ll need an appraisal from someone certified in business valuation. You also need to know how much of the value you own and how much of the business is considered marital property.

Consider Buying out Your Ex-Spouse

If you or your spouse wants to keep running the business, you’ll need to decide upon a buyout. In other words, one spouse pays off the other and assumes his or her ownership stake in the business.

Depending on the value of the business, you might not be able to give your ex a lump sum of cash. Instead, you could:

  1. Reach a long-term payout agreement in the form of a property settlement note.
  2. Exchange the business value for other marital assets.

Know That Selling a Business Takes Time

Depending upon your circumstances, selling your business might be the best option. It gives you and your ex a clean break so you can both move on to other things. Selling your business has costs, and many elements of the process are complicated. You’ll likely need a business broker, and it can still take many months, or longer, for a transaction to close. If you’re not prepared for this timeline, it could delay your divorce.

Close a Failing Business

This option is often the last resort, but if the business is failing and has a high burden of debt, divorce is a prime opportunity to close and move on. It’s never easy to close a business that you’ve worked hard to build, but sometimes it’s the best choice.

Final Thoughts

Going through a divorce with a jointly-owned business can add an extra layer of stress and complication to an already challenging process. Plan, know your options, and make the best decision for you.

Find this information helpful? Share it!

Shawn Leamon, MBA, CDFA is author of Divorce and Your Money: The No-Nonsense Guide and host of the Divorce and Your Money Show on iTunes. Learn more at  www.divorceandyourmoney.com

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