If you and your spouse are facing divorce, property division will be the next major hurdle for you to clear.
Your family business will likely be the focus of property division and there are three options for you to consider in determining its fate.
Put it on the market
Perhaps the most obvious solution is to sell the business outright. First, you will need a professional valuation so as to determine the appropriate selling price. Keep in mind that the business might not sell as soon as you anticipate. This means that you and your soon-to-be-ex may have to work together longer than planned. On the bright side, once the business sells, the two of you can split the profits and begin your lives anew.
Perform a buyout
A common solution is for one owner to buy the other owner out. This may appeal to you if you are more intellectually and emotionally invested in the company than your spouse. Once again, you will need a valuation to determine how much to offer. If funds are not readily available for the buyout, you might consider offering your spouse assets equal to the value placed upon the business.
Go forward as co-owners
If you anticipate an amicable divorce, the third option is for the two of you to continue as co-owners. In this option, there is no need for an expensive valuation, and you will both keep your respective interests in the business. There are various ramifications to consider whether you prefer this option or one of the other two. Your attorney can help you weigh the benefits and disadvantages of each.