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Can you run the family business with your ex?

On Behalf of | Jun 22, 2022 | family law, high asset divorce |

You and your ex may have worked hard as a team to build up the family business. If your romantic relationship ends, you may wonder what’s going to happen to that business that you helped to establish and grow.

One option that might be possible is to continue running the business with your ex. There are several things to consider if you’re thinking about using this option.

Business relationship

You and your ex have to be able to put your personal feelings aside and focus only on the business. It might help to set some ground rules about who is in charge of what and how potentially problematic situations will be handled. Ultimately, you have to be able to work as a team and make decisions that are in the best interests of the business.

Mutual trust

Trust is important when you run a business together. There must be an operating agreement between you and your ex that lays out who is responsible for what. Make sure that you fully trust your ex in areas they’re in charge of. They should be able to trust you to handle your duties. Include a conflict resolution clause in the contract with your ex so you both know what’s going to happen if there’s a disagreement.

Ending a marriage requires you to think carefully about how to divide assets. There are many things to consider, including how you’ll handle the expenses that come with the assets you want. Working closely with people who are able to help you determine your options can assist you with making the choices that are in your best interests.