This blog has previously talked about the difficulties that men may face when they are going through a divorce and have to valuate some of their higher dollar assets, including their family business. In addition to estimating a business’s worth, an Omaha man going through a high asset divorce will also have to figure out, on a practical level, what to do with his business after the dust settles. For that matter, men going through a legal separation or even just a breakup with a long-term business and personal life partner may also face the same questions.
Exactly how to work things out with one’s soon to be ex-spouse when it comes to dividing a business depends heavily on an individual’s circumstances. As such, the question is best asked to a Nebraska family law attorney who has experience with high-asset divorce.
However, in general, a man whose business is mixed up in a divorce will usually have to buy out the spouse who no longer wants to be involved in the business. During this process, it is important for the man to advocate for a fair price for his business so he does not wind up paying too much. Moreover, he will need to negotiate with reasonable and affordable terms for paying off one’s spouse.
In other cases, it may be better for the man, and his partner, to sell of their share in the business altogether and just divvy up the proceeds. For some, this is the best way to end the marriage on fair terms.
The last option requires couples to cooperate with each other. Here, the couple continues to work together in their business even if they are no longer living together. Although this is a non-starter for some couples, for others it can provide them with the financially stability they need post-divorce.
Property division during the divorce process can be frustrating and overwhelming. After all, there is usually a lot at stake. That is why those confronting this issue, especially when it involves a business, are usually best suited seeking advice from a competent legal professional.