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What will make running a business with my former spouse easier?

On Behalf of | Feb 1, 2023 | Family Law

If you own a business during a divorce, you either have to sell it and split the proceeds, buy out your spouse or continue to run it together as equal partners. For many people, the last option is the best one because it does not require getting rid of the business or coming up with a lot of money or assets to pay for full ownership.

However, running a business with a former spouse can be filled with issues. It is not always easy to get along and work together when you have already gone through the breakdown of your marriage. Still, there are a couple of tips that could make it easier.

Stay professional

You and your former spouse have to redefine your relationship to make this situation work. You want to approach each other as equal partners and maintain a professional relationship. This means you do not discuss anything unrelated to work when in the business environment. If you have personal clashes with each other, those cannot come into the business. It is essential to separate the business partnership from the personal relationship if you want this to work.

Create legal ties

You should make the partnership legal. Set up an agreement, and lay out the exact responsibilities you each will have. Getting everything into a document will make it much easier to avoid misunderstandings or issues down the road. You should recognize upfront what each of you will handle within the business and the expectations for what tasks you will handle.

It can be tricky to work with a former spouse, but it can work well if you both commit to focusing on the business and not your personal issues.