30 Apr What Happens to a Co-Owned Business after a Divorce?
According to the U.S. Census Bureau, there are approximately 3.7 million small businesses co-owned by married couples in America today. For many couples that can work together, co-owning a business offers many advantages over having partners outside of your family. However, this arrangement also potentially places your business on tenuous ground in the event of a divorce.
When a marriage fails, it is common for the long term success of a co-owned business to be placed in jeopardy. This is especially true in the event of a contentious divorce. If you and your ex-spouse cannot work together amicably, it is extremely unlikely that you will be able to agree on important business decisions.
In order to guard against this risk, it is a good idea to create an alternate business plan or draft an agreement stipulating how the business will be divided in the event of a divorce. This type of business division plan can easily be worked into a prenuptial or postnuptial agreement.
Jeffrey M. Bloom is a family law attorney with more than 20 years of experience helping individuals in the West New York areas. He understands the unique challenges facing divorcing couples who co-own a business, and he can help guide you through the complex process of safeguarding your business during this difficult time.
If you are simply seeking to establish a plan for how the business will be divided in the event of a divorce, Mr. Bloom can work with you to craft an agreement that is fair to both parties. If you are in the process of getting a divorce, Mr. Bloom can help you fight for your interests in the business. Mr. Bloom will help you explore all of your options in a creative manner to ensure that your interests, as well as the continued success of your business, are protected.
If you are looking to preserve your business during a divorce, please contact the Law Offices of Jeffrey M. Bloom today to schedule a consultation. Mr. Bloom serves clients in Ridgewood, Bergen County, and Hudson County.