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Slicing up a business during divorce is not as easy as pie

In order to run a successful business, one must employ a number of devices and strategies. Planning ahead and making contingency plans is an important part of that. For New Jersey residents who own businesses with their spouses, the idea of divorce may never have entered their minds, potentially throwing a major obstacle into an already complicated situation.

Those who are able to remain on good terms with their exes and agree on how the business will move forward are fortunate indeed. For most people, continuing to work alongside a former spouse is not something that they can contemplate. While it may be difficult, even unpleasant, to argue over who gets the wedding china, deciding how to deal with a business when going through a divorce may be far more complicated. For one thing, it is not only the lives of the couple that may be affected by their decisions.

In another equitable distribution state, a couple set up a business together that became very successful, employing 3,500 people. Within the business contract there was nothing that stated what would happen if the personal relationship between the couple came to an end. As the relationship deteriorated, it began to impact the running of the company to the extent that the founders went to court, where a judge decided that the best course of action was for the company to be sold.

For many people, setting up a business is like having a baby. The investment may be far more than simply dollars and cents. For New Jersey residents who are going through divorce, seeing the appropriate advice in order to reach a mutually agreeable legal arrangement when dealing with a jointly owned business will not only benefit the individuals, but it will allow the business to continue with as little disruption to the day-to-day running and the employees as possible.

Source: qz.com, "What happens to successful companies when their founders divorce", Oliver Staley, March 26, 2017

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Cipriano Law Offices, P.C.
175 Fairfield Avenue
Suite 4C/D
West Caldwell, NJ 07006

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