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Knowing your options when facing divorce as a business owner

| Apr 26, 2021 | Divorce |

Owning and operating a business in Oregon can be a rewarding experience, but it can also come with a great deal of responsibilityIf you put forth years of time and effort into growing your company, you may take pride in your achievements and wish to take every possible step to safeguard its future. 

Should you and your spouse decide to take separate paths, there is a chance that your business could play a significant role during upcoming negotiations. Seeking insight on your options concerning this aspect of divorce could prove vital to helping you prepare to protect your future interests. 

Factors to address 

No two divorces are the same, and part of preparing to protect your business during divorce may rest in examining the variables present in your situation. Some possible factors that may influence your options could include: 

  • Existing agreement:  The presence of a prenuptial or postnuptial agreement may influence your options as the terms of such agreements may depict how to handle such an asset during legal proceedings. 
  • Marital versus separate:  If you chose to keep business assets separate and did not mingle them with marital assets in any way, there is a chance your business may retain its separate identity throughout your divorce. 
  • Ability to negotiate:  If even the court deems a portion of your company marital property, you may have the option of relinquishing possession of other assets in exchange for sole ownership of the business. 
  • Buyout of interests:  You could also consider attempting to buy out your former spouse’s interests, and if coming up with the funds to do so proves challenging, taking on a business partner could be a viable solution. 

In some cases, selling the business and splitting the proceeds could also be a viable option, and you may even be able to use these proceeds to invest in a new endeavor. 

Protecting your future 

It is no secret that the outcome of the end of your marriage could have a significant impact on your life. Examining all your options could help provide you with muchneeded insight on the best path to take concerning your company’s future. Seeking insight on how to make informed decisions about your options could prove integral to helping place you in a better position to safeguard your interests and enter the next stage of life with peace of mind. 

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